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	$116,200		Retained Earnings	512,100
Accounts Receivable	312,600		Dividends	69,600
Inventory	353,200		Sales	$4,256,100
Estimated Returns Inventory	22,500		Cost of Goods Sold	2,461,800
Office Supplies	10,900		Sales Salaries Expense	692,300
Prepaid Insurance	8,500		Advertising Expense	190,400
Office Equipment	255,700		Depreciation Expense Store Equipment	37,100
Accumulated Depreciation Office Equipment	173,800		Miscellaneous Selling Expense	16,200
Store Equipment	798,200		Office Salaries Expense	377,900
Accumulated Depreciation Store Equipment	255,700		Rent Expense	55,800
Accounts Payable	177,000		Depreciation Expense Office Equipment	27,900
Customer Refunds Payable	40,000		Insurance Expense	17,300
Salaries Payable	11,300		Office Supplies Expense	10,200
Note Payable (final payment due 2024)	372,500		Miscellaneous Administrative Exp.	7,400
Common Stock	54,500		Interest Expense	11,300

Required:

1. Prepare a multiple-step income statement.

Clairemont Co. Income Statement For the Year Ended May 31, 2018
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Expenses:
Selling expenses:
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Total selling expenses		fill in the blank 15
Administrative expenses:
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Total administrative expenses		fill in the blank 28
Total operating expenses			fill in the blank 29
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2. Prepare a retained earnings statement.

Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018
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3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,625.

Clairemont Co. Balance Sheet May 31, 2018
Assets
Current assets:
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Total current assets			fill in the blank 59
Property, plant and equipment:
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Total property, plant and equipment			fill in the blank 70
Total assets			fill in the blank 71
Liabilities
Current liabilities:
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Total current liabilities			fill in the blank 80
Long-term liabilities:
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Total liabilities			fill in the blank 83
Stockholders' equity
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Total stockholders' equity			fill in the blank 88
Total liabilities and stockholders' equity			fill in the blank 89

4. a. Which type of income statement shows intermediate balances?