Problem #4- The following selected accounts and their current balances appear in the ledger of Kepple Company, for the f

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Problem 4 The Following Selected Accounts And Their Current Balances Appear In The Ledger Of Kepple Company For The F 1 (43.18 KiB) Viewed 40 times

Problem #4- The following selected accounts and their current balances appear in the ledger of Kepple Company, for the fiscal year ended June 30 20X2: Cash $116,100 Gerry Smith, Drawing $69,500 4,196,200 Accounts Receivable 309,500 Sales Merchandise Invenotry 352,800 Cost of Merchandise Sold 2,459,000 Estimated Returns Inventory 13,950 Sales Salaries Expense 691,500 Office Supp;ies 10,900 Advertising Expense 190,200 Prepaid Insurance 8,500 Depr. Exp. - Store Equipt. 37,000 Office Equipment 255,400 Misc. Selling Expense 16,200 Acc. Depr.- Office Equipment 173,600 Office Salaries Expense 377,500 Store Equipment 797,300 Rent Expense 55,700 Acc. Depr.- Store Equipt. 255,400 Insurance Expense 17,300 Accounts Payable 176,800 Depr. Exp. - Office Equipt. 27,900 Customer Refunds Payable 27,900 Office Supplies Expense 10,200 Salaries Payable 11,300 Misc. Admin. Expenses 7,400 Note Payable (due in 5 years) 370,000 Interest Expense 11,300 Gerry Smith, Capital ** 623,950 **No investments are made this year Prepare a multi-step Income Statement, a Statement of Owner's Equity, and a Classified Balance Sheet.