Instructions The following selected accounts and their current balances appear in the ledger of Claremont Co. for the fiscal year ended May 31, 2012. Cash $240,000 Accounts receivable 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 321,000 Salaries payable 41,500 Customer refunds payable 40,000 Estimated coupons payable 5,000 Note payable (final payment due in 6 years) 300,000 Common stock 500,000 Retained earnings 2,949,100 100,000 Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment 11,343,000 7,850,000 916,000 550,000 140 000 38.000 Miscellaneous selling expense Office salanes expense 650.000 Rent expense 94.000 Depreciation expense office equipment 50,000 Insurance expense 48,000 Office supplies expense 28,100 Miscellaneous administrative expense 14,500 Interest expense 21,000 Required: 1. Prepare a multiple-step income statement 2 Prepare a statement of stockholders' equity Additional common stock of $75,000 was issued during the year ended May 31, 2012 3 Prepare a balance sheet assuming that the current portion of the note payable is $50,000 4. Briefly explain how multiple-step and angle step income statements differ Instructions Income Statement Th 1. Prepare a multiple-step income statement Income Statement instructions (Label) Label) 11(Label) 12 14 GRA 21 Label) 21 Clairemont Co Income Statement (Label) 1 ind Statement of Stockholders equity 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012 Statement of Stockholders Equity Instructions Clairemont Co Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings Balance Sheet 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000 Balance Sheet Instructions 1 3 4 Assets (Label) 5 7 10 (Label) 11 12 13 24 15 16 4 17 29 20 (Label) 21 22 21 Liabilities Clairemont Co. Balance Sheet (Label) Final Question Briefly explain how multiple-step and single-step income statements differ Ba Which type of income statement shows intermediate balances? O Single-step O Multiple-step 2