(All I need is the Notes Payable Current and Long Portion on the Balance Sheet (Number 3, the balance sheet)

Multiple-Step Income Statement and Report Form of Balance Sheet

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:

Cash	$127,700		Retained Earnings	562,900
Accounts Receivable	346,600		Dividends	76,500
Inventory	388,200		Sales	$4,677,800
Estimated Returns Inventory	22,500		Cost of Goods Sold	2,705,800
Office Supplies	12,000		Sales Salaries Expense	760,900
Prepaid Insurance	9,300		Advertising Expense	209,200
Office Equipment	281,100		Depreciation Expense Store Equipment	40,800
Accumulated Depreciation Office Equipment	191,000		Miscellaneous Selling Expense	17,900
Store Equipment	877,300		Office Salaries Expense	415,400
Accumulated Depreciation Store Equipment	281,100		Rent Expense	61,300
Accounts Payable	194,500		Depreciation Expense Office Equipment	30,700
Customer Refunds Payable	40,000		Insurance Expense	19,000
Salaries Payable	12,400		Office Supplies Expense	11,300
Note Payable (final payment due 2024)	407,500		Miscellaneous Administrative Exp.	8,200
Common Stock	66,900		Interest Expense	12,400

Required:

1. Prepare a multiple-step income statement.

Clairemont Co. Income Statement For the Year Ended May 31, 2018
Sales
Cost of goods sold
Gross profit
Expenses:
Selling expenses:
Sales salaries expense
Advertising expense
Depreciation expense-store equipment
Miscellaneous selling expense
Total selling expenses
Administrative expenses:
Office salaries expense
Rent expense
Insurance expense
Depreciation expense-office equipment
Office supplies expense
Miscellaneous administrative expense
Total administrative expenses
Total operating expenses
Income from operations
Other expense:
Interest expense
Net income

2. Prepare a retained earnings statement.

Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018
Retained earnings, June 1, 2017
Net income for the year
Less dividends
Increase in retained earnings
Retained earnings, May 31, 2018

3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,375.

Clairemont Co. Balance Sheet May 31, 2018
Assets
Current assets:
Cash
Accounts receivable
Inventory
Estimated returns inventory
Office supplies
Prepaid insurance
Total current assets
Property, plant and equipment:
Office equipment
Less: Accumulated depreciation
Store equipment
Less: Accumulated depreciation
Total property, plant and equipment
Total assets
Liabilities
Current liabilities:
Accounts payable
Salaries payable
Customer refunds payable
Note payable (current portion)
Total current liabilities
Long-term liabilities:
Note payable (final payment due 2024)
Total liabilities
Stockholders' equity
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity