Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018 Cash $ 232,700 Accounts receivable 957.000 Inventory 1,668,600 Estimated returns inventory 21,300 Office supplies 15,600 Prepaid insurance 18.000 Office equipment 827,000 Accumulated depreciation office equipment 556,000 Store equipment 3.594 800 ADO 2 Check My Work Instructions 3,594 800 1.827 100 Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable 361.900 43400 41.900 Salaries payable Note payable (final payment due 2024) Common stock 296,000 501,600 Retained earnings Dividends 2.786,300 99.900 11,403,800 7.842,100 Sales Cost of goods sold Instructions COST OF GODus SOIU 7.842TUU 923.100 Sales salaries expense 540.500 Advertising expense 134.900 Depreciation expense-store equipment 37.800 Miscellaneous selling expense Office salaries expense 664.400 101,000 Rent expense Depreciation expense-office equipment 45.900 42.700 Insurance expense Office supplies expense Miscellaneous administrative expense 31 800 7.100 Interest expense 11,800 mstructions un Labels and Amount Descriptions income staternen structions Interest expense 11.800 Required: 1. Prepare a multiple-step income statement in the Other income and expenses section only enter amounts that represent other expenses as negative numbers using a minus sign 2. Prepare a retained earnings statement Negative amount should be indicated by the minus sign 3. Prepare a balance sheet assuming that the current portion of the note payable is $50.000 4. Brolly explain() how multiple step and moleste components differ and (b) how report form and account.formershels difer Be sure to complete the statement headinga Refer to the problem data and the nat of Labels and amount pencriations provided for the exact wording of the answer choices for text entries. A colon (ww automatically appear it is requred