Instructions Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity Instructions The following selected accounts and their current balances appear in the ledger of Claremont Co. for the fiscal year ended May 31, 2012: ter $241,300 975,200 hich you 1.810,700 21,000 22.300 11,400 833,700 540,000 Cash Accounts receivable Inventory Estimated returns inventory Office Supplies Prepaid insurance Office equipment Accumulated depreciation office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due in 6 years) Common stock Retained earnings Dividends 3,606,400 1,822 200 364,600 40.600 42,700 317.000 495,100 3,010,700 97.100 Previous Check My Work 2 more Check My Work uses remaining All work saved Save and Et Submit Assement for Grading Common stock 495, 100 Retained earnings 3,010,700 Dividends 97,100 Sales 11,371,300 Cost of goods sold 7,854,900 Sales salaries expense 917,700 542,000 Advertising expense Depreciation expense-store equipment Miscellaneous selling expense 148,000 46,800 Office salaries expense 654,600 Rent expense 91,700 Depreciation expense-office equipment 43,600 Insurance expense 42,400 Office supplies expense 22,800 Miscellaneous administrative expense 6,600 Interest expense 14,000 42,400 Insurance expense Office supplies expense Miscellaneous administrative expense 22,800 6,600 Interest expense 14,000 Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2072. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $55,000. Be sure to complete the statement heading. 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 4. Briefly explain how multiple-step and single-step income statements differ. Labels and Amount Descriptions a Labels Ep Administrative expenses ia Current assets nc Current liabilities su For the Year Ended May 31, 20Y2 ellar Long-term liabilities est May 31, 20Y2 quir Operating expenses Other revenue and expense repare moun For tho Property, plant, and equipment US Selling expenses Amount Descriptions is Prepare Wist of L ch Balances, June 1, 20Y1 Balances, May 31, 20Y2 enters Book value-office equipment 15.00 Prepare to the p colon Book value-store equipment exac Dividends ente . Briefly Gross profit Work 2 more Check My Work uses remaining. All work saved. Book Value-office equipment Book value-store equipment P Dividends ia Gross profit nc Issued common stock su Net income llar Net loss ste Note payable (current portion) Operating income quire Total administrative expenses Total assets epare moun or tho Total current assets Total current liabilities Prepare Total liabilities ist of enter si Total liabilities and stockholders' equity Prepare to the p colon ( Total operating expenses Total property, plant, tind equipment Total selling expenses Total stockholders' equity Briefly Work 2 more Check My Work uses remaining. MUITIple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity
