PR 5-5A. Multiple-Step Income Statement and Balance Sheet Obj. 4 The following selected accounts and their current balances appear in the ledger of Cialremont Co. for the fiscal year ended May 31, 2012 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Omice Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Customer Relunda Payable Salaries Payable Note Payable (inal payment du in o years) Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Exponse --Store Equipment Miscellaneous Selling Expense Office Salaries Expenso Rent Expense Depreciation Expense-Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense $ 240,000 960,000 1.690.000 22,500 13,500 8,000 330.000 550,000 3,600.000 1,820.000 326,000 40,000 41,500 300,000 500,000 $2.949,100 100,000 11.343,000 7,850,000 916,000 550,000 140,000 38,000 650,000 94,000 50,000 48,000 28,100 14,500 21,000 INSTRUCTIONS 1. Prepare a multiple-step income statement ANSWER: 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000 Brlotly explain how multiple and single-step income statements differ