1. Prepare a multistep income statement

2. Prepare statement of owners equity

3. Prepare balance sheet, assuming that the current portion of the note payable is 54,600.

The following selected accounts and their current balances appear in the ledger of Druid Hills Co. fc Cash $243,100 Accounts Receivable 984,900 1.788,600 19,700 6,400 828,400 545,900 3.593,800 1.829.700 Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Kristina Marble, Capital Kristina Marble. Drawing Sales 360.900 48,500 41,000 298,000 D 3,535,000 102,600 11,287.400 Cost of Merchandise Sold 7.850,000 019.600 540,100 148.000 35,500 844,000 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 Minal payment due in 10 years 103.700 42.000 39,000 33.000 20.700 11,000 Instructions Labels and Amount Descriptions TH Labels Current assets Current liabilities For the Year Ended May 31, 2048 Long-term liabilities May 31, 2048 Expenses Other revenue and expense Property, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 2017 Kristina Marble, capital, May 31, 2048 Withdrawals Net income Net loss Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and owner's equity Total operating expenses Total property, plant, and equipment Total selling expenses