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The following selected accounts and their current balances appear in the ledger of Clairemont Co0 for the fiscal year ended May 31,20Y2. Required: 1. Prepare a single-step income statement 2. Prepare a statement of owner's equity? 3. Prepare balance sheet, assuming that the current portion of the note payable is $50,000. 4. Joumalize the ciosing entries as of May 31, 20Y2 Identify all revenues. Subtrict the total costs and expenses from revenues to find net income Clairemont Co. Score: 171/237 Balance Sheet May 31,20Y2 Assets Current assets: Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Total current assets Property, plant, and equipment: $2,940,000,00 11 Store equipment 12 Accumulated depreciation-Store equipment 13 14 Office equipment 15 Accumulated depreciation-Office equipment 16. v Total property, plant, and equipment 14 Total assets 19 Labilities 10 Grrent liabilities x Accounts payable ince sheet Shaded cells have feedback x Score: 0/195