Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Claremont Co. for the fiscal year ended May 31, 2018 Cash $116,600 Retained Earnings 514,000 Accounts Receivable 311,000 Dividends 69,800 Inventory 354,500 Sales $4,271,700 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,470,900 omce Supplies 11,000 Sales Salaries Expense 694,800 Prepaid Insurance 8,500 Advertising Expense 191,100 office Equipment Depreciation Expense- 256,700 Store Equipment 37,200 Accumulated Depreciation- Miscellaneous Selling Expense 16,300 Office Equipment 174,400 Store Equipment 301,200 Office Salaries Expense 379,300 Accumulated Depreciation- Rent Expense 56,000 Store Equipment 256,700 Depreciation Expense- Accounts Payable 177,600 Office Equipment 28,000 Customer Refunds Payable 40,000 Insurance Expense 17,400 Salaries Payable 11,300 Office Supplies Expense 10,300 Note Payable Miscellaneous Administrative Exp. 7,400 (final payment due 2024) 372,500 Common Stock 53,600 Interest Expense 11,300 Required: 1. Prepare a multiple-step income statement. Clairemont Co. Income Statement For the Year Ended May 31, 2018 Expenses: 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: Total administrative expenses Total operating expenses 2. Prepare a retained earnings statement. 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 $18,625. Clairemont Co Balance Sheet May 31, 2018 Assets Current assets: $ Total current assets Property, plant and equipment: $ $ Total property, plant and equipment US Homework CBOOK Total current assets Property, plant and equipment: $ $ Total property, plant and equipment Total assets $ Llabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity I Total stockholders' equity Total liabilities and stockholders' equity