Labels and Amount Descriptions Income Stateme instructions Instructions The following selected accounts and their current balances appear in the ledger of Clai $238,400 Cash 965,200 Accounts receivable 1,771,300 Inventory 21,900 Estimated returns inventory 17,900 Office supplies 3,300 Prepaid insurance 821,200 Office equipment 544,100 Accumulated depreciation-office equipment 3,601,000 Store equipment 1,816,900 Accumulated depreciation-store equipment 364,800 Accounts payable 44,100 Customer refunds payable 37,400 Salaries payable 300,000 Note payable (final payment due in 6 years) 493,800 Common stock O-000-000 eck My Work Labels and Amount Descriptions Income S Instructions nstructions 2,999,000 Retained earnings 7: 91,700 Dividends 11,320,600 Sales 7,851,900 Cost of goods sold 898,300 Sales salaries expense 559,200 Advertising expense 145,000 Depreciation expense-store equipment 39,400 Miscellaneous selling expense 648,200 Office salaries expense 90,800 Rent expense 47,100 Depreciation expense-office equipment 45,900 Insurance expense 28,000 Office supplies expense 6,300 Miscellaneous administrative expense 28,700 Interest expense 45,900 88 Office supplies expense 28,000 Miscellaneous administrative expense 6,300 Interest expense 28,700 18 Required: 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 frequired For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000i ist of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign was issued during the year ended May 31, 20Y2. Refer to the ba ance sheet, assuming that the current portion of the note payable is $58,000. Be sure to complete the statement heading. Refer 3. Prepare 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 i 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 eck My Work Email Instructor Sav All work saved