Chapter 6 Accounting for Merchandising Businesses 333 om 1. Net income Excel Sales General Ledger PR 6-5A Multiple-step income statement and balance sheet OBJ. 3 The following selected accounts and their current balances appear in the ledger of 943400 T Clairemont Co. for the fiscal year ended May 31, 2019: Cash $ 240,000 Kristina Marble, Drawing $ 100,000 Accounts Receivable 966,000 11,343,000 Merchandise Inventory 1,690,000 Cost of Merchandise Sold 7,850,000 Estimated Returns Inventory 22,500 Sales Salaries Expense 916,000 Office Supplies 13,500 Advertising Expense 550,000 Prepaid Insurance 8,000 Depreciation Expense- Office Equipment 830,000 Store Equipment 140,000 Accumulated Depreciation- Miscellaneous Selling Expense 38,000 Office Equipment Office Salaries Expense 650,000 Store Equipment 3,600,000 94,000 Accumulated Depreciation- Depreciation Expense- Store Equipment 1,820,000 Office Equipment 50,000 Accounts Payable 326,000 Insurance Expense 48,000 Customer Refunds Payable 40,000 Office Supplies Expense 28,100 Salaries Payable 41,500 Miscellaneous Administrative Exp. 14,500 Note Payable Interest Expense 21,000 svualni (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 550,000 Pro Rent Expense Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. 4. Briefly explain how multiple-step and single-step income statements differ