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	$109,700		Retained Earnings	483,600
Accounts Receivable	295,100		Dividends	65,700
Inventory	333,500		Sales	$4,018,700
Estimated Returns Inventory	22,500		Cost of Goods Sold	2,324,500
Office Supplies	10,300		Sales Salaries Expense	653,700
Prepaid Insurance	8,000		Advertising Expense	179,800
Office Equipment	241,500		Depreciation Expense Store Equipment	35,000
Accumulated Depreciation Office Equipment	164,100		Miscellaneous Selling Expense	15,300
Store Equipment	753,700		Office Salaries Expense	356,800
Accumulated Depreciation Store Equipment	241,500		Rent Expense	52,700
Accounts Payable	167,100		Depreciation Expense Office Equipment	26,300
Customer Refunds Payable	40,000		Insurance Expense	16,300
Salaries Payable	10,700		Office Supplies Expense	9,700
Note Payable (final payment due 2024)	350,000		Miscellaneous Administrative Exp.	7,000
Common Stock	52,100		Interest Expense	10,700

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

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 $17,500. Clairemont Co. Balance Sheet May 31, 2018 Assets Current assets: Total current assets Property, plant and equipment: 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