1. PR.05-0S.BLANKSHEET ALGO (Algorithmic) Multiple-step income statement and balance sheet In structions Labels and Amount Descriptions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 2018 Long-term liabilities May 31, 2018 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses the fiscal year ended May 31, 2018 Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment $243.100 964,900 1,788,600 21,200 17,800 825,900 543,800 3,609,700 equipment 1,814,900 356,300 39,200 ated depreciation-store Change in retained earnings Gross profit Income from operations Dividends Net income Net income for the year Net loss Net loss for the year Note payable (current portion) Retained earnings, June 1, 2017 Retained earnings, May 31, 2018 Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockhoders' equity Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained eamings Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense Miscellaneous administrative expense Interest expense 289,000 500,900 3,143,700 94,200 11,281,200 7,858,000 917,600 551,900 149,700 36,600 668,600 99,800 56,200 38,600 32,700 21,700 Re re 1. Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. 2. Prepare a retained earnings statement. Negative amount should be indicated by the minus sign. 3. Prepare a balance sheet assuming that the current portion of the note payable is $42,000. 4. Brefyexplain (a) how muitipie-step and single-step income statements differ and (b) how report-form and differ 5. Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (wll automatically appear if it is required