Chapter 6 Accounting for Merchandising Businesses 333 PR 6-3A Multiple-step income statement and balance sheet O. The following selected accounts and their current balances appear in the ledger of Clairemont Co for the fiscal year ended May 31, 2019: Cash $ 240,000 Kristina Marble Drawing 5. 100.000 Accounts Receivable 966,000 Sales 11343.000 Merchandise Inventory 1,690,000 Cost of Merchandise Sold 7,850.000 Estimated Returns Inventory 22.500 Sales Salaries Expense $16.000 Office Supplies 13,500 Advertising Expense S50.000 Prepaid Insurance 8.000 Depreciation Expense Office Equipment 830.000 Store Equipment 140,000 Accumulated Depreciation Miscellaneous Selling Expense 38.000 Office Equipment 550.000 Office Salaries Expense 450.000 Store Equipment 3,600,000 Rent Expense 94000 Accumulated Depreciation- Depreciation Expense Store Equipment 1.820,000 Office Equipment 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 1400 Note Payable Interest Expense 21.000 final payment due 2022) 300,000 Kristina Marble Capital 3,449,100 50.000 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, PR 6-64 Single-step Income statement OB13 Selected accounts and related amounts for Clairemont Co. for the fiscal year ended