PR 5-5A(1)

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ. Selected accounts and related amounts for Clairemont Co. for the fiscal year ended day 31, 2016, are presented in Problem 5-5A. Prepare a single-step income statement in the format shown in Exhibit 11. Prepare a retained earnings statement. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Prepare closing entries as of May 31, 2016