Instructions Labels and Amount Descriptions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2022) Kristina Marble, Capital Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment $240,000 966,000 1,712,500 13,500 8,000 830,000 550,000 3,600,000 1,820,000 366,000 41,500 300,000 3,449,100 100,000 11,343,000 7,850,000 916,000 550,000 140,000 abel Current assets Current liabilities For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Operating expenses Other income and expense Property, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Total administrative expenses Total assets Total current assets