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ow inmuple-step and single-step income statements differ. PR 6-6A Single-step income statement Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2019, are presented in Problem 6-5A. OBJ.3 Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12 2. Prepare closing entries as of May 31, 2019 Chapter 6 Accounting for Merchandising Businesses 333 1. Net income $943,400 PR6-5A Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: OBJ.3 Cash Kristina Marble, Drawing $ 100,000 11,343,000 7,850,000 916,000 550,000 Accounts Receivable 6000Sales Excel 1,690,000 Cost of Merchandise Sold Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- General Ledger 2500V Sales Salaries Expense 13,500 Advertising Expense 8,000 Depreciation Expense- 80000 Store Equipment 140,000 38,000 650,000 Miscellaneous Selling Expense Office Equipment Store Equipment Accumulated Depreciation- 550,000 3,600,000 Office Salaries Expense Rent Expense Depreciation Expense- 94,000 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due 2022) Kristina Marble, Capital 1,820,000 Office Equipment 50,000 326,000 Insurance Expense 40,000 Office Supplies Expense 41,500 Miscellaneous Administrative Exp.14,500V 28,100 Interest Expense 21,000 300,000 3,449,100