Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2018, are presented in Problem 5-5A.

In problem 5-5A

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 12.
2. Prepare a retained earnings statement.
3. Prepare balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2018.

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$ 2,949,100 100,000 1,343,000 7,850,000 916,000 550,000 240,000 Retained Earnings Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation 66,000Dividends ,690,000Sales 2500 Cost of Goods Sold 3,500Sales Salaries Expense ,000 Advertising Expense 830,000 Depreciation Expense- 140,000 38,000 650,000 94,000 Store Equipment Miscellaneous Selling Expense Office Equipment Store Equipment Accumulated Depreciation- 550,000 ,600,000 Office Salaries Expense Rent Expense ,820,000 Depreciation Expense Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable 326,000 0,000ce Expense 1,500Office Supplies Expense Office Equipment 50,000 48,000 28,100 14,500 21,000 Miscellaneous Administrative Exp. (final payment due 2024) Common Stock 00,000 Interest Expense 500,000