Single-step income statement and balance sheetSelected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 20Y7, are shown below.Cash$92,000 Retained Earnings$381,000Accounts Receivable450,000 Dividends300,000Inventory370,000 Sales8,925,000Estimated Returns Inventory5,000 Cost of Goods Sold5,620,000Office Supplies10,000 Sales Salaries Expense850,000Prepaid Insurance12,000 Advertising Expense420,000Office Equipment220,000 Depreciation Expense—Store Equipment33,000Accumulated Depreciation—Office Equipment58,000 Miscellaneous Selling Expense18,000Store Equipment650,000 Office Salaries Expense540,000Accumulated Depreciation—Store Equipment87,500 Rent Expense48,000Accounts Payable38,500 Insurance Expense24,000Customers Refunds Payable10,000 Depreciation Expense—Office Equipment10,000Salaries Payable4,000 Office Supplies Expense4,000Note Payable (final payment due in 20 years)140,000 Miscellaneous Administrative Expense6,000Common Stock50,000 Interest Expense12,000 Required:1. Prepare a single-step income statement.KANPUR CO.Income StatementFor the Year Ended June 30, 20Y7Sales $fill in the blank 2Expenses: Cost of goods sold $fill in the blank 4 Accumulated depreciation fill in the blank 6 Administrative expenses fill in the blank 8 Interest expense fill in the blank 10 Total expenses fill in the blank 11Net income $fill in the blank 132. Prepare a statement of stockholders’ equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.Kanpur Co.Statement of Stockholders’ EquityFor the Year Ended June 30, 20Y7 Common StockRetained EarningsTotal $fill in the blank 15$fill in the blank 16$fill in the blank 17 fill in the blank 19 fill in the blank 20 fill in the blank 22fill in the blank 23 fill in the blank 25fill in the blank 26 $fill in the blank 28$fill in the blank 29$fill in the blank 303. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. KANPUR CO.Balance SheetJune 30, 20Y7AssetsCurrent assets: $fill in the blank 32 fill in the blank 34 fill in the blank 36 fill in the blank 38 fill in the blank 40 fill in the blank 42 Total current assets $fill in the blank 43Property, plant, and equipment: $fill in the blank 45 fill in the blank 47 $fill in the blank 49 $fill in the blank 51 fill in the blank 53 fill in the blank 55 Total property, plant, and equipment fill in the blank 56Total assets $fill in the blank 57LiabilitiesCurrent liabilities: $fill in the blank 59 fill in the blank 61 fill in the blank 63 fill in the blank 65 Total current liabilities $fill in the blank 66Long-term liabilities: fill in the blank 68Total liabilities $fill in the blank 69Stockholders' equity $fill in the blank 71 fill in the blank 73 Total stockholders' equity fill in the blank 74Total liabilities and stockholders' equity $fill in the blank 754. Prepare closing entries as of June 30, 20Y7 in the order as presented in the chapter. If an amount box does not require an entry, leave it blank.DateAccountDebitCredit20Y7 June 30 fill in the blank 77fill in the blank 78 fill in the blank 80fill in the blank 81 fill in the blank 83fill in the blank 84 fill in the blank 86fill in the blank 87 fill in the blank 89fill in the blank 90 fill in the blank 92fill in the blank 93 fill in the blank 95fill in the blank 96 fill in the blank 98fill in the blank 99 fill in the blank 101fill in the blank 102 fill in the blank 104fill in the blank 105 fill in the blank 107fill in the blank 108 fill in the blank 110fill in the blank 111 fill in the blank 113fill in the blank 114 fill in the blank 116fill in the blank 117June 30 fill in the blank 119fill in the blank 120 fill in the blank 122fill in the blank 123

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Answered: Prepare a single-step income statement.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Single-step income statement and balance sheet

Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 20Y7, are shown below.

Cash	$92,000	Retained Earnings	$381,000
Accounts Receivable	450,000	Dividends	300,000
Inventory	370,000	Sales	8,925,000
Estimated Returns Inventory	5,000	Cost of Goods Sold	5,620,000
Office Supplies	10,000	Sales Salaries Expense	850,000
Prepaid Insurance	12,000	Advertising Expense	420,000
Office Equipment	220,000	Depreciation Expense—Store Equipment	33,000
Accumulated Depreciation—Office Equipment	58,000	Miscellaneous Selling Expense	18,000
Store Equipment	650,000	Office Salaries Expense	540,000
Accumulated Depreciation—Store Equipment	87,500	Rent Expense	48,000
Accounts Payable	38,500	Insurance Expense	24,000
Customers Refunds Payable	10,000	Depreciation Expense—Office Equipment	10,000
Salaries Payable	4,000	Office Supplies Expense	4,000
Note Payable (final payment due in 20 years)	140,000	Miscellaneous Administrative Expense	6,000
Common Stock	50,000	Interest Expense	12,000

Required:

1. Prepare a single-step income statement.

KANPUR CO. Income Statement For the Year Ended June 30, 20Y7
Sales		$fill in the blank 2
Expenses:
Cost of goods sold	$fill in the blank 4
Accumulated depreciation	fill in the blank 6
Administrative expenses	fill in the blank 8
Interest expense	fill in the blank 10
Total expenses		fill in the blank 11
Net income		$fill in the blank 13

2. Prepare a statement of stockholders’ equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.


Common Stock	Retained Earnings	Total
$fill in the blank 15	$fill in the blank 16	$fill in the blank 17
fill in the blank 19		fill in the blank 20
	fill in the blank 22	fill in the blank 23
	fill in the blank 25	fill in the blank 26
$fill in the blank 28	$fill in the blank 29	$fill in the blank 30

3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.

KANPUR CO. Balance Sheet June 30, 20Y7
Assets
Current assets:
		$fill in the blank 32
		fill in the blank 34
		fill in the blank 36
		fill in the blank 38
		fill in the blank 40
		fill in the blank 42
Total current assets			$fill in the blank 43
Property, plant, and equipment:
	$fill in the blank 45
	fill in the blank 47
		$fill in the blank 49
	$fill in the blank 51
	fill in the blank 53
		fill in the blank 55
Total property, plant, and equipment			fill in the blank 56
Total assets			$fill in the blank 57
Liabilities
Current liabilities:
		$fill in the blank 59
		fill in the blank 61
		fill in the blank 63
		fill in the blank 65
Total current liabilities			$fill in the blank 66
Long-term liabilities:
			fill in the blank 68
Total liabilities			$fill in the blank 69
Stockholders' equity
		$fill in the blank 71
		fill in the blank 73
Total stockholders' equity			fill in the blank 74
Total liabilities and stockholders' equity			$fill in the blank 75

4. Prepare closing entries as of June 30, 20Y7 in the order as presented in the chapter. If an amount box does not require an entry, leave it blank.

Date	Debit	Credit
20Y7
June 30	fill in the blank 77	fill in the blank 78
	fill in the blank 80	fill in the blank 81
	fill in the blank 83	fill in the blank 84
	fill in the blank 86	fill in the blank 87
	fill in the blank 89	fill in the blank 90
	fill in the blank 92	fill in the blank 93
	fill in the blank 95	fill in the blank 96
	fill in the blank 98	fill in the blank 99
	fill in the blank 101	fill in the blank 102
	fill in the blank 104	fill in the blank 105
	fill in the blank 107	fill in the blank 108
	fill in the blank 110	fill in the blank 111
	fill in the blank 113	fill in the blank 114
	fill in the blank 116	fill in the blank 117
June 30	fill in the blank 119	fill in the blank 120
	fill in the blank 122	fill in the blank 123

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Prepare a single-step income statement. KANPUR CO. Income Statement For the Year Ended June 30, 20Y7