PR $5-5$A

Multiple$-$Step Income Statement and Balance Sheet

Obj. $4$

The following selected accounts and their current balances appear in the ledger of Clairemont Co$.$ for the fiscal year ended May $31,20$Y$2$:

Cash

Accounts Receivable

Inventory

Estimated Returns Inventory

Office Supplies

Prepaid Insurance

Office Equipment

Accumulated Depreciation$-$Office Equipment

Store Equipment

Accumulated Depreciation$-$Store Equipment

Accounts Payable

Salaries Payable

Customer Refunds Payable

Estimated Coupons Payable

Note Payable $($final payment due in $6$ years$)$

Instructions

$\backslash$table$[[$$$240,000$ Common Stock,$$00,000$