eBook Print Item Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $113,000 Retained Earnings 497,900 Accounts Receivable 303,900 Dividends 67,600 Inventory 343,400 Sales $4,138,000 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,393,500 Office Supplies 10,600 Sales Salaries Expense 673,100 Prepaid Insurance 8,200 Advertising Expense 185,100 Depreciation Expense- Office Equipment 248,600 Store Equipment 36,100 Accumulated Depreciation- Miscellaneous Selling Expense 15,800 Office Equipment 16 000 Store Equipment 776,100 Office Salaries Expense 367,400 Accumulated Depreciation- Rent Expense 54,300 Store Equipment 248,600 Depreciation Expense- Accounts Payable 172,000 Office Equipment 27,100 Customer Refunds Payable 40,000 Insurance Expense 16,800 Salaries Payable 11,000 Office Supplies Expense 10,000 Note Payable Miscellaneous Administrative Exp. 7,200 (final payment due 2024) 362,500