Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $244,200 Accounts receivable 956,700 Inventory 1,612,700 Estimated returns inventory 23,300 Office supplies 18,900 Prepaid insurance 3,000 Office equipment 829,000 Accumulated depreciation-office equipment 552,400 Store equipment 3,606,800 Accumulated depreciation-store equipment 1,817,800 Accounts payable 372,700 Customer refunds payable 38,900 Salaries payable 46,100 Note naushla (final namant dua 2024) 210.000 Instructions Labels and Amount Descriptions Income Statement Retained Earnings Sta Instructions Note payable (final payment due 2024) 310,000 Common stock 501,700 Retained earnings 2,759,300 Dividends Sales Cost of goods sold 109,500 11,401,400 7,848,200 Sales salaries expense 907,500 Advertising expense 542,000 Depreciation expense-store equipment 132,800 Miscellaneous selling expense 43,900 Office salaries expense 657,500 Rent expense 96,600 Depreciation expense-office equipment 52,900 Insurance expense 57,900 Office supplies expense 31,300 Miscellaneous administrative expense 9,100 Instructions Depreciation expense-office equipment 52,900 Insurance expense 57,900 Office supplies expense 31,300 Miscellaneous administrative expense 9,100 Interest expense 16,500 Required: 1. Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign." 2. Prepare a retained earnings statement. Negative amount should be indicated by the minus sign. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $48,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets 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 (:) will automatically appear if it is required. Check My Work