Items from the accounts of Marchand Distributors at May 31, 2023, follow, listed in alphabetical order. Marchand Distributors uses the perpetual inventory system. The operating expenses are summarized in the General Expenses and the Selling Expenses accounts.

Required

1. Prepare the business’s single-step income statement for the year ended May 31,2023. Show Net Sales Revenue and not the individual accounts.

2. Prepare the statement of owner’s equity for the year ended May 31, 2023.

3. Prepare Marchand Distributors’ classified balance sheet in report format at May 31, 2023.

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Accounts Payable.......... Accounts Receivable........... Accumulated Amortization- Equipment........... C. Marchand, Capital.......... C. Marchand, Withdrawals. Cash................... Cost of Goods Sold............. Equipment............. General Expenses. Interest Expense. $ 51,000 Interest Payable..... 107,500 Interest Revenue Inventory, May 31, 2023............... 96,900 Notes Payable, Long-Term.......... 167,800 Salaries Payable...... 66,900 Sales Discounts....... 19,900 Sales Returns and 1,086,900 Allowances....... 340,800 Sales Revenue..... 206,800 Selling Expenses.......... 9,200 Supplies.......... Unearned Sales Revenue..... 2,800 600 147,100 114,800 7,200 26,500 45,900 1,991,500 357,200 33,100 15,200