Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Instructions Statement of Stockholders' Equity The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2012: Cash $240,000 Accounts receivable 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 326,000 Customer refunds payable 40,000 Salaries payable 41,500 Note payable (final payment due in 6 years) 300,000 Common stock 500,000 Retained earnings 2,949,100 Dividends Sales 100,000 11,343,000 Cost of goods sold Sales salaries expense Addicina.w 7,850,000 916,000 RED 000 eBook Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity Instructions Advertising expense 550,000 Depreciation expense-store equipment 140,000 Miscellaneous selling expense 38,000 Office salaries expense 650,000 Rent expense 94,000 Depreciation expense-office equipment 50,000 Insurance expense 48,000 Office supplies expense 28,100 Miscellaneous administrative expense 14,500 Interest expense 21,000 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 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. Additional common stock of $75,000 was issued during the year ended May 31, 2012. Refer to the list 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 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. 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 4. Briefly explain how multiple-step and single-step income statements differ. Check My Work 3 more Check My Work uses remaining. Previou