EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
Emerson Real Estate Appralsal
Adjusted Trial Balance
June 30, 2016
Balance
Account Title
Debit
Credit
Cash
%24
4,200
Accounts Recelvable
5,500
Office Supplies
2,300
Prepaid Insurance
2,000
Building
73,000
Accumulated Depreciation-Bullding
$
25,300
Land
13,400
Accounts Payable
19,500
Interest Payable
8,500
Salaries Payable
1,600
Uneamed Revenue
4,300
Notes Payable (long-term)
35,000
Emerson, Capital
41,500
Emerson, Withdrawals
27,600
Service Revenue
48,200
Insurance Expense
4,400
Salaries Expense
32,600
Supplies Expense
700
Interest Expense
8,500
Utilities Expense
2,400
Depreciation Expense-Building
7.300
Total
183,900 $
183,900
41.500
The following is a partial listing of the accounts for Star Company for the year ended December 31, 2020, in alphabetical order.
E (Click the icon to view the partial listing of accounts.)
a(Click the icon to view the facts.)
Required
Requirement a. Prepare, in good form, a multi-step income statement that includes relevant subtotals, with operating expenses listed by their function, for the year ended December 31, 2020. (Use parentheses or a minus sign for numbers to be subtracted.)
Star Company
Income Statement
For the year ended December 31, 2020
Sales
4.658.000
Gross profit
Income before income taxes
Income tax expense
Income from continuing operations
Loss from discontinued operations
Net income
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