Single-Step Income Statement
Selected accounts and related amounts for Kanpur Co. for the fis...
Mathematics, 18.03.2020 02:54 kelebsessoms89
Single-Step Income Statement
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2019, are shown below.
Cash
$92,000
Gerri Faber, Drawing
$300,000
Accounts Receivable
450,000
Sales
8,925,000
Merchandise Inventory
370,000
Cost of Merchandise Sold
5,620,000
Estimated Returns Inventory
5,000
Sales Salaries Expense
850,000
Office Supplies
10,000
Advertising Expense
420,000
Prepaid Insurance
12,000
Depreciation Expense—Store Equipment
33,000
Office Equipment
220,000
Miscellaneous Selling Expense
18,000
Accumulated Depreciation—Office Equipment
58,000
Office Salaries Expense
540,000
Store Equipment
650,000
Rent Expense
48,000
Accumulated Depreciation—Store Equipment
87,500
Insurance Expense
24,000
Accounts Payable
38,500
Depreciation Expense—Office Equipment
10,000
Customer Refunds Payable
10,000
Office Supplies Expense
4,000
Salaries Payable
4,000
Miscellaneous Administrative Exp.
6,000
Note Payable (final payment due 2032)
140,000
Interest Expense
12,000
Gerri Faber, Capital
431,000
Required:
1. Prepare a single-step income statement in the format shown in Exhibit 12 .
Single-Step Income Statement
KANPUR CO.
Income Statement
For the Year Ended June 30, 2019
1
Sales
2
Expenses:
3
Salaries payable
4
Selling expenses
5
Administrative expenses
6
Interest expense
7
Total expenses
8
Gross profit
2. Prepare closing entries as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank.
Closing Entries
Date
Account
Debit
Credit
1
June 30, 2019
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