Multiple-step income statement and balance sheet Labels and Amount DescriptionsIncome Statement Retained Earnings Statement Balance Sheet Instructions Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co for the fiscal year ended May 31, 2018: $240,000 Cash 966,000 Accounts receivable Inventory 1,690,000 22,500 Estimated returns inventory Office supplies 13,500 8,000 Prepaid insurance 830,000 Office equipment 550,000 Accumulated depreciation-office equipment 3,600,000 Store equipment 1.820.000 Accumulated depreciation-store equipment 326,000 Accounts payable 40,000 Customer refunds payable 41,500 Salaries payable 300,000 Note payable (final payment due 2024) 500,000 Common stock Detainad.neminmn 326,000 Accounts payable 40,000 Customer refunds payable 41,500 Salaries payable 300,000 Note payable (final payment due 2024) 500,000 Common stock 2,949,100 Retained earnings 100,000 Dividends 11,343,000 Sales 7,850,000 Cost of goods sold 916,000 Sales salaries expense 550,000 Advertising expense 140,000 Depreciation expense-store equipment > 38,000 Miscellaneous selling expense 650,000 Office salaries expense 94,000 Rent expense 50,000 Depreciation expense-office equipment 48,000 Insurance expense Office supplies expense 28,100 Miscellaneous administrative expense 14,500 Interest expense 21,000 Income Statement For the Year Ended May 31, 2018 $11,343,000.00 1 Sales Cost of goods sold 7,850,000.00 7 $3,493,000.00 3 Gross profit Operating expenses: 4 Selling expenses 5 $916,000.00 Sales salaries expense 6 550,000.00 Advertising expense 7 38,000.00 Miscellaneous selling expense 140,000.00 Depreciation expense-store equipment 9 $1.644,000.00 Total selling expenses 10 Administrative expenses 11 $650,000.00 Office salaries expense 12 14,500.00 Miscellaneous administrative expense 13 48,000.00 Insurance expense 14 50,000.00 Depreciation expense-office equipment 15 94,000.00 Rent expense 16 28,100.00 Office supplies expense 11 Score: 33/45 Clairemont Company Retained Earnings Statement For the Year Ended May 31, 2018 $2,949,100.00 Retained earnings, June 1, 2017 1 2 Net income (100,000.00) 3 Dividends Change in retained earnings Retained earnings, May 31, 2018 5 Clairemont Company Score: 0/233 Balance Sheet (Label) Assets (Label) 2 7 Label) 10 11 12 13 14 15 16 Liabilities 17 (label) 18 19 20 21 22 23 Label) 24 25 26 Stockholders Equity 27 28 25 31