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 Accounts Receivable $119,000 317,400 Retained Earnings 524,600 Dividends 71,300 Inventory 361,800 Sales $4,359,700 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,521,700 Office Supplies 11,200 Sales Salaries Expense 709,100 Prepaid Insurance 8,700 Advertising Expense 195,000 Depreciation Expense- Office Equipment 261,900 Store Equipment 38,000 Accumulated Depreciation- Miscellaneous Selling Expense 16,600 Office Equipment 178,000 Store Equipment 817,700 Office Salaries Expense 387,100 Accumulated Depreciation- Rent Expense 57,200 Store Equipment 261,900 Depreciation Expense- Accounts Payable 181,300 Office Equipment 28,600 Customer Refunds Payable 40,000 Insurance Expense 17,700 Salaries Payable 11,600 Office Supplies Expense 10,500 Note Payable Miscellaneous Administrative Exp. 7,600 (final payment due 2024) 380,000 Common Stock 55,100 Interest Expense 11,600