Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 5-5A.

In Problem 5-5A

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a retained earnings statement.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2016.

Transcribed Image Text:

Accounts Receivable Merchandise Inventory 11,343,000 Cost of Merchandise Sold Sales Salaries Expense 9 30,000 Depreciation Expense- Accumulated Depreciation- 550,000 Miscellaneous Selling Expense Accumulated Depreciation- Store Equipment Depreciation Expense- Salaries Payable Office Supplies Expense Miscellaneous Administrative Exp. (final payment due 2022) Retained Earnings