mou coOTS The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: 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 Salaries payable Customer refunds payable Estimated coupons payable Note payable (final payment due in 6 years) Maureen Leon, capital Maureen Leon, drawing Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment $240,000 966,000 1,690,000 22,500 13,500 8,000 830,000 550,000 3,600,000 1,820,000 321,000 41,500 40,000 5,000 300,000 3,449,100 100,000 11,343,000 7,850,000 916,000 550,000 140,000

Hequired: 1. Prepare a muntiplestep income statement 3. Propare a balance sheet assuming that the current partion of the note payahte is $50,000 Income Statement 1. Prepare a multiple-step income statement. Income Statement Instructions Clairemont Co. Income Statement (Label) The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal yoar endod May 31, 20V2. 2. Prepare a statement of owner's equily. Maureen Lean imvested an additional $75,000 in the businoss during the year ended May 31,20 r2. Statement or Owner's Equily instructions 3. Propare a balance sheet, assuming that the current portion of the note payable is $50,000