PLEASE HELP! Use the exact labels given. This is due today and I am stuck :(

Chapter 5 - Problems eBook MUILUPP WUme Statemem anu Valance sheet Calculator Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet ! Final Question Instructions Labels and Amount Descriptions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Labels Administrative expenses Current assets Cash $ 240,000 Current liabilities Accounts receivable For the Year Ended May 31, 2018 Inventory Long-term liabilities Estimated returns inventory May 31, 2018 Office supplies Prepaid insurance Office equipment Accumulated depreciation office equipment 966,000 1,690,000 22,500 13,500 8,000 830,000 550,000 3,600,000 1,820,000 326,000 40,000 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Store equipment Amount Descriptions Accumulated depreciation-store equipment Change in retained earnings Accounts payable Gross profit Customer refunds payable Salaries payable Note payable (final payment due 2024) Income from operations Dividends 41,500 300,000 500,000 Net income Common stock Net income for the year Retained earnings 2,949,100 Net loss Dividends 100,000 11,343,000 Net loss for the year Sales Cost of goods sold 7,850,000 Note payable (current portion) Retained earnings, June 1, 2017 Retained earings, May 31, 2018 Sales salaries expense Advertising expense Depreciation expense-store equipment 916,000 550,000 140,000 38,000 Total administrative expenses Total assets Miscellaneous selling expense Office salaries expense Total current assets Total current liabilities Rent expense 650,000 94,000 50,000 Total liabilities Depreciation expense-office equipment Chapter 5 - Problems eBook MUTLUPIC SIC MUG STOLCITIGII amu walance STICCE Calculator Instructions Labels and Amount Descriptions ! Income Statement ! Retained Earnings Statement ! Balance Sheet Final Question Labels and Amount Descriptions Instructions Note payable (final payment due 2024) 300,000 May 31, 2018 Common stock 500,000 2,949,100 Retained earnings Operating expenses Other revenue and expense Dividends 100,000 Property, plant, and equipment Sales 11,343,000 Selling expenses Cost of goods sold 7,850,000 Amount Descriptions Sales salaries expense 916,000 Change in retained earnings Advertising expense 550,000 Gross profit 140,000 Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense 38,000 650,000 Income from operations Dividends Net income Rent expense Net income for the year Depreciation expense-office equipment Net loss Insurance expense 94,000 50,000 48,000 28,100 14,500 21,000 Net loss for the year Office supplies expense Note payable (current portion) Miscellaneous administrative expense Interest expense Retained earnings, June 1, 2017 Retained earnings, May 31, 2018 Total administrative expenses Total assets Required: 1. Prepare a multiple-step income statement. In the Other income and expenses section only Total current assets enter amounts that represent other expenses as negative numbers using a minus sign." 2. Prepare a retained earnings statement. Negative amount should be indicated by the minus sign." Total current liabilities Total liabilities Total liabilities and stockholders' equity 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.* 4. Briefly explain how multiple-step and single-step income statements differ. Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity * Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Check My Work Chapter 5 - Problems eBook Calculator Income Statement Shaded cells have feedback. X Clairemont Company Score: 108/178 Income Statement For the Year Ended May 31, 2018 1 Sales $11,343,000.00 2 Cost of goods sold 7,850,000.00 Gross profit $3,493,000.00 4 (Label) Selling expenses: Advertising expense $550,000.00 140,000.00 Depreciation expense-store equipment Sales salaries expense 916,000.00 38,000.00 Miscellaneous selling expense total selling expense $1,644,000.00 Office salaries expense: Rent expense $94,000.00 Depreciation expense-office equipment 50,000.00 Insurance expense 480,000.00 Miscellaneous administrative expense 28,100.00 Total administrative expenses 884,600.00 Total assets 2,528,600.00 Income from operations 96,440.00 Interest expense 21,000.00 20 Net income $943,400.00 (Label) Prepare a retained earnings statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Negative amount should be indicated by the minus sign. A colon () will automatically appear if it is required. Question not attempted. Clairemont Company Score: 0/45 Retained Earnings Statement (Label) Prepare a report form of balance sheet. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (-) will automatically appear if it is required. Negative amount should be indicated by the minus sign. Question not attempted. Clairemont Company Score: 0/233 Balance Sheet (Label) Assets 2 (Label) 10 Label) Liabilities 18 (Label) Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions ! Income Statement Retained Earnings Statement I Balance Sheet Final Question Balance Sheet 10 Label Shaded cells have feedback. Liabilities (Label) (Label) Stockholders' Equity Points: 0/55 Chapter 5 - Problems eBook MUILUPP WUme Statemem anu Valance sheet Calculator Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet ! Final Question Instructions Labels and Amount Descriptions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Labels Administrative expenses Current assets Cash $ 240,000 Current liabilities Accounts receivable For the Year Ended May 31, 2018 Inventory Long-term liabilities Estimated returns inventory May 31, 2018 Office supplies Prepaid insurance Office equipment Accumulated depreciation office equipment 966,000 1,690,000 22,500 13,500 8,000 830,000 550,000 3,600,000 1,820,000 326,000 40,000 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Store equipment Amount Descriptions Accumulated depreciation-store equipment Change in retained earnings Accounts payable Gross profit Customer refunds payable Salaries payable Note payable (final payment due 2024) Income from operations Dividends 41,500 300,000 500,000 Net income Common stock Net income for the year Retained earnings 2,949,100 Net loss Dividends 100,000 11,343,000 Net loss for the year Sales Cost of goods sold 7,850,000 Note payable (current portion) Retained earnings, June 1, 2017 Retained earings, May 31, 2018 Sales salaries expense Advertising expense Depreciation expense-store equipment 916,000 550,000 140,000 38,000 Total administrative expenses Total assets Miscellaneous selling expense Office salaries expense Total current assets Total current liabilities Rent expense 650,000 94,000 50,000 Total liabilities Depreciation expense-office equipment Chapter 5 - Problems eBook MUTLUPIC SIC MUG STOLCITIGII amu walance STICCE Calculator Instructions Labels and Amount Descriptions ! Income Statement ! Retained Earnings Statement ! Balance Sheet Final Question Labels and Amount Descriptions Instructions Note payable (final payment due 2024) 300,000 May 31, 2018 Common stock 500,000 2,949,100 Retained earnings Operating expenses Other revenue and expense Dividends 100,000 Property, plant, and equipment Sales 11,343,000 Selling expenses Cost of goods sold 7,850,000 Amount Descriptions Sales salaries expense 916,000 Change in retained earnings Advertising expense 550,000 Gross profit 140,000 Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense 38,000 650,000 Income from operations Dividends Net income Rent expense Net income for the year Depreciation expense-office equipment Net loss Insurance expense 94,000 50,000 48,000 28,100 14,500 21,000 Net loss for the year Office supplies expense Note payable (current portion) Miscellaneous administrative expense Interest expense Retained earnings, June 1, 2017 Retained earnings, May 31, 2018 Total administrative expenses Total assets Required: 1. Prepare a multiple-step income statement. In the Other income and expenses section only Total current assets enter amounts that represent other expenses as negative numbers using a minus sign." 2. Prepare a retained earnings statement. Negative amount should be indicated by the minus sign." Total current liabilities Total liabilities Total liabilities and stockholders' equity 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.* 4. Briefly explain how multiple-step and single-step income statements differ. Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity * Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Check My Work Chapter 5 - Problems eBook Calculator Income Statement Shaded cells have feedback. X Clairemont Company Score: 108/178 Income Statement For the Year Ended May 31, 2018 1 Sales $11,343,000.00 2 Cost of goods sold 7,850,000.00 Gross profit $3,493,000.00 4 (Label) Selling expenses: Advertising expense $550,000.00 140,000.00 Depreciation expense-store equipment Sales salaries expense 916,000.00 38,000.00 Miscellaneous selling expense total selling expense $1,644,000.00 Office salaries expense: Rent expense $94,000.00 Depreciation expense-office equipment 50,000.00 Insurance expense 480,000.00 Miscellaneous administrative expense 28,100.00 Total administrative expenses 884,600.00 Total assets 2,528,600.00 Income from operations 96,440.00 Interest expense 21,000.00 20 Net income $943,400.00 (Label) Prepare a retained earnings statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Negative amount should be indicated by the minus sign. A colon () will automatically appear if it is required. Question not attempted. Clairemont Company Score: 0/45 Retained Earnings Statement (Label) Prepare a report form of balance sheet. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (-) will automatically appear if it is required. Negative amount should be indicated by the minus sign. Question not attempted. Clairemont Company Score: 0/233 Balance Sheet (Label) Assets 2 (Label) 10 Label) Liabilities 18 (Label) Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions ! Income Statement Retained Earnings Statement I Balance Sheet Final Question Balance Sheet 10 Label Shaded cells have feedback. Liabilities (Label) (Label) Stockholders' Equity Points: 0/55