Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: $245, 100 971,100 1,786,300 22,200 22,100 7,600 839,400 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 548,200 3,607,700 1,816,600 365,900 33,200 42,500 299,000 496,400 3,140,600 98,800 11,256,200 7,856,100 907.500 547,800 144,800 Instructions Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expenso Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense Miscellaneous administrative expense Interest expense 31,700 664,600 84,400 53,800 56,200 24,100 14,900 12,400 Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem date 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 it is required For those boxes in which you must enter subtracted or negative numbers use a minus sign Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the probler 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. Adeltional common stock of $75,000 was issued during the year ended May 31, 2012. Retor to the list of Labels and Amount Descriptions provided for the exact wording or the answer choices for next 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 $58,000. Be sure to complete the statement heading. Retor 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 Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 2012 Long-term liabilities May 31, 20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 20Y1 be vic Balances, May 31, 20Y2 Book value-office equipment Book value-store equipment Nic fer Dividends Gross profit Culons Labels and Amount Descriptions Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Income Statement 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 Claremont Co. Income Statement For the Year Ended May 31, 2012 1 Sales $11,256,200.00 7,856,100.00 $3,400,100.00 Cost of goods sold Gross profit Operating expenses Selling expenses Sales salaries expense 5 . $907,500.00 547800.00 1 Advertising expense Miscellaneous selling expense . 31,700.00 Income Statement 8 Miscellaneous selling expense 31,700.00 9 10 11 (Label 12 13 14 15 16
