Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity Instructions 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) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense $245,100 971,100 1,786,300 22,200 22,100 7,600 839,400 548,200 3,607,700 1,816,600 360,900 42,500 33,200 5,000 299,000 496,400 3,140,600 98,800 11,256,200 7,856,100 907,500 547,800 144,800 31,700 664,600

The followng selected accounts and their current balances appear in the ledget of Clairemont C0 for the fiscal year ended May 31,20r2 Required: 1. Prepare a muakple-step income statement 2. Prepare a statement of stocknolders equily Additional common stock or $75,000 was losued duning the year ended May 31 , 202. 3. Prepare a balance aheet, assuming that the current portion or the note payabie is $58,000. 4. Briefly explain how mutiole-step and single-step inceme statements differ abels and Amount Descriptions: Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Statement of Stockholders Income Statement income statement instructions Clairemont c0 income Statement (Label) 20 21 (tabel) 22 23 2. Prepare a statement or abockholders' equily Addbonal common stock of $75,000 was issued cining the year encled May 31,20y2. Balance Sheet Bolance Shect instuctions Clairemontco Batance sheet (Label) 11 Uasilities 20 (Labei) as 22 2n 24 25 21 2) (Rabel) a 2 in Srocholders' Equity II 12 13 34 Briefly explain how multiple-step and single-step income statements differ. Which type of income statement shows intermediate balances? Single-step Multiple-step