Instructions The following selected accounts and their current balances appear in the ledger of Claremont Co. for the fiscal year ended May 31, 2018: Cash Accounts receivable $ 238,400 965,200 1,771,300 21,900 17.900 3,300 821,200 544,100 3,601,000 1,816,900 364.800 44.100 37.400 300.000 493.800 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 2024) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous soling expense Office salaries expense Rent expense Depreciation expense office equipment Insurance expense Orice supplies expense Miscellaneous administrative expense Interest expense 2.999.000 91.700 11,320.000 7,851.900 898. 300 559 200 145,000 39,400 648.200 0.600 47.100 45,900 28.000 6.300 28.700 Required: 1. Prepare a multiple step income statement in the Other Income and expenses section only enter amounts that represent the expenses as negative numbers using a minus sign 2. Prepare a retained earnings soment Negative amount should be indicated by the mission 2. Prepare a balance sheet, assuming that the current portion of the note payable is $8.000 4. Briey explain how muese and on differ and (b) now report form and more "Be sure to complete all readings Reler to ne problem data and the list of Label and A Descriere for exact wording of the answer choice for Acolo Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets aimer. (a) Which type of income statement shows intermediate balances? O Multiple-step O Single-stop (b) Which type of balance sheet presents assets, liabilities, and stockholders' equity in a downward sequence? Account form O Report form non med onds