Instructions x The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 2048: Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation-Store Equipment $290,800 1,170,600 2,075,300 16,400 9,700 1,005,800 666,500 4,362,700 2,205,600 Accounts Payable 395,100 Single-Step Income Statement Instructions Chart of Accounts Labels and Amount Descriptions Income Statement 48,500 50,300 363,600 Instructions Customer Refunds Payable Salaries Payable Note Payable* Kristina Marble, Capital Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense 4,179,800 121,200 13,746,000 9,513,000 1,110,100 666,500 169.700 46,100 Office Salaries Expense 787,700 Single-Step Income Statement Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 113,900 Rent Expense Depreciation Expense-Office Equipment Insurance Expense 60,600 58,200 34,100 17,600 Office Supplies Expense Miscellaneous Administrative Expense Interest Expense *final payment due in 10 years 25,400 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a Single-Step Income Statement Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Journal Shaded cells have feedback. X JOURNAL Score: 30/195 ACCOUNTING EQUATIO DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES E DESCRIPTION Closing Entries 1 2 May 31 3 4 5 6 7 8 Single-Step Income Statement Instructions Chart of Accounts Labels and Amount Descriptions Income Statement X Instructions Rent Expense Income Statement 113,900 Shaded cells have feedback. Druid Hus Co. VCUT. JUU Income Statement For the Year Ended May 31, 20Y8 1 Sales 2 (Label) 3 4 5 6 7 Total expenses 8 Net income