Chap 6 Homework ebook Multiple-step income statement and report form of balance sheet Instructions Labelt and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Instructions The following selected accounts and their current balances appear in the edge of Claremont Co. for the fiscal year ended May 31, 2019 $240.000 965,000 1,600,000 22.500 13,500 0.000 Cash Accounts Receivable Merchandise inventory Estimated Returns inventory Omice Supplies Prepaid Insurance Ofice Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation for Equipment Accounts Payable Customer Relunds Payable Satanas Payable Note Payable that payment due 20223 Kina Marte Capital Kosta Mare Sales Cost of Merchandise Sold Seed Expense 830.000 550.000 3,600.000 1.820.000 120.000 40.000 41.500 300,000 3.409.100 100 000 11.343.000 7.850.000 916.000 Instructions Labels and Amount Descriptions Income Statement Stateme Instructions Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 916,000 550.000 140,000 38,000 650,000 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 94,000 50,000 48,000 28,100 14,500 21,000 Required: 1. Prepare a multiple-step income statement. In the Other expenses section only, enter amounts that repre numbers using a minus sign 2. Prepare a statement of owner's equity. Enter amounts that represent reduction as negative numbers usi 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000 appear if it is required* 4 Hamiltola.ston and cipolo.ston.income statemente differ Required: 1. Prepare a multiple-step income statement in the other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign 2. Prepare a statement of owner's equity Enter amounts that represent reduction as negative numbers using a minus sign 3. Prepare a report form or balance sheet, assuming that the current portion of the note payable is $50,000 "Less" or "Plus" will automatically appear it is required 4. How multiple-step and single-step income statements differ "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 () ww automatically appear if it is required. Labels Current assets Current liabilities For the Year Ended May 31, 2019 Long-term liabilities May 31, 2019 Operating 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, 2018 Kristina Marble, capital, May 31, 2019 Withdrawals Net income Net income for the year Net loss Total administrative expenses Total assets eny, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 2018 Kristina Marble, capital, May 31, 2019 Withdrawals Net income Net income for the year 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 Labels and Amount Descriptions Income Statement Prepare a multiple-step income statement. Be sure to complete the statement heading, Refer to the problem data and the list of Labe the answer choices for text entries. A colon () will automatically appear if it is required. In the other expenses section only, enter amo Using a minus sign Score: 13/174 Clairemont Company Income Statement For the Year Ended May 31, 2019 1 Sales $11.343,000.00 2 tibel Selling expenses 10 Admin ALAMAN Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Labels and Amount Descriptions Income Statement 3 9 10 11 Administrative expenses: 12 13 14 15 16 11 15 15 20 21 Label 2 5943,400.00 21 Labels and Amount Descriptions Income Statement Statement of Owner's Equity Prepare a statement of owner's equity. Enter amounts that represent reduction as negative numbers using a Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will auto Clairemont Company Score: 38/45 Statement of Owner's Equity For the Year Ended May 31, 2019 $2.949.100.00 1 Kristina Marble capital, June 1, 2018 2 Net income for the year 5 Withdrawals $943,400.00 (100.000.00) + Total current assets 843,400.00 5 Kristina Marble, capital, May 31, 2019 $3.792.500.00 Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet 13 Store equipment Less accumulated depreciation Store equipment Total property, plant and equipment 16 Total assets $3,600,000.00 1,820,000.00 14 15 2.060,000.00 $5,000,000.00 12 Labilties $326,000.00 40.000,00 13 Current liabilities: 19 Accounts payable 20 Customer refunds payable 21 Salaries payable 22 Note payable 25 Total current liabilities 34 Long-term Liabilities: 41.500.00 50,000.00 $457.500.00 35 250,000.00 26 $707.500.00 27 Owner's Equity 21 4.292.500.00 29 Total liabilities and owner's equity $5.000.000.00 Check My Work