= Briefly explain how multiple-step and single-step income statements differ. Which type of income statement shows intermediate balances? Multiple-step Single-step he following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31 , 20Y2: Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31, 20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 20Y1 Balances, May 31, 20Y2 Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income 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 stockholders' equity enter subtracted or negative numbers use a minus sign. numbers use a minus sign