Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018 Cash $118,100 Retained Earnings 520,700 Accounts Receivable 315,000 Dividends 70,700 Inventory 359,100 Sales $4,327,200 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,502,900 Office Supplies 11,100 Sales Salaries Expense 703,800 Prepaid Insurance 8,600 Advertising Expense 193,600 Depreciation Expense- Office Equipment 260,000 Store Equipment 37.700 Accumulated Depreciation- Miscellaneous Selling Expense 16,500 Office Equipment 176,700 Store Equipment 811,600 Office Salaries Expense 384,200 Accumulated Depreciation- Rent Expense 56,700 Store Equipment 260,000 Depreciation Expense- Accounts Payable 179,900 Office Equipment 28,400 Customer Refunds Payable 40,000 Insurance Expense 17,600 Salaries Payable 11,500 Office Supplies Expense 10,400 Note Payable Miscellaneous Administrative Exp. 7,500 (final payment due 2024) 377,500 Common Stock 54.000 Interest Expense 11.500 1. Prepare a multiple-step income statement. Clairemont Co. Income Statement For the Year Ended May 31, 2018 Expenses: Selling expenses: Total selling expenses Administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a retained earnings statement. Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018 $ $ - $ 3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,875. Clairemont Co. Balance Sheet May 31, 2018 Assets Current assets: $ Total current assets $ Property, plant and equipment: Total property, plant and equipment Total assets hapter 05 Homework (Application) eBook Print Item $ Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity