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 $ 243,100 Accounts receivable 964,900 Inventory 1,788,600 21,200 Estimated returns inventory Office supplies Prepaid insurance 17,800 8,400 Office equipment 825,900 543,800 Accumulated depreciation office equipment Store equipment Accumulated depreciation-store equipment 3,609,700 1,814,900 Jenny expenses Print Item Calculator eBook Multiple-step income statement and balance sheet Labels and Amount Descriptions Income Statement Instructions 1,814,900 Instructions Accumulated depreciation-store equipment Accounts payable Customer refunds payable 356,300 39,200 Salaries payable Note payable (final payment due 2024) Common stock 44,100 289,000 500,900 Retained earnings 3,143,700 Dividends 94,200 Sales 11,281,200 Cost of goods sold Sales salaries expense 7,858,000 917,600 551,900 Advertising expense JCM capenses Multiple-step income statement and balance sheet Labels and Amount Descriptions Income Statement Instructions Instructions Advertising expense Depreciation expense-store equipment Miscellaneous selling expense 551,900 149,700 36,600 Office salaries expense 668,600 99,800 56,200 Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense Miscellaneous administrative expense 38,600 32,700 7,900 Interest expense 21,700 Required: expenses uitw in a downward conuence? Instructions 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 $42,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account form balance sheets differ. "Be sure to complete the statement headings. 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. mg capenses quity in a downward sequence? Book Calculator Print Item Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Instructions Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 2018 Long-term liabilities May 31, 2018 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions bk Calculator E Print Item Itiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Stat nstructions Labels and Amount Descriptions Amount Descriptions en Change in retained earnings Gross profit Income from operations Dividends Net income Net income for the year Net loss Net loss for the year and Note payable (current portion) Retained earnings, June 1, 2017 Retained earning May 31 2018 Instructions Labels and Amount Descriptions Inc nstructions Labels and Amount Descriptions Retained earnings, May 31, 2018 Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity (b)