PR 6-5A Multiple-step income statement and balance sheet Obj. 3 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due 2022) Kristina Marble, Capital $ 240,000 966,000 1,690,000 22.500 13,500 8.000 830,000 550,000 3,600,000 1,820,000 326.000 40,000 41,500 300.000 3.449,100 Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 100,00C 11,343,00C 7.850.000 916,00C 550,00C 140,00C 38.00C 650.00C 94,00C 50,00C 48.00C 28,100 14,50C 21,00C Details A table shows income statement and balance sheet for Clairemont Co. in May 31, 2019. The data in the table are as follows: Cash: 240,000 dollars; accounts receivable 966,000; merchandise inventory: 1,690,000; estimated returns inventory: 22,500; office supplies: 13,500; prepaid insurance: 8,000; office equipment: 830,000; accumulated depreciation-office equipment: 550,000; store equipment: 3,600,000; accumulated depreciation-store equipment: 1,820,000; accounts payable: 326,000; customer refunds payable: 40,000; salaries payable: 41,500; Note payable (final payment due 2,022): 300,000; Kristina marble, capital: 3,449,100; Kristina marble, drawing: 100,000 dollars; sales: 11,343,000; cost of merchandise sold: 7,850,000; sales salaries expense: 916,000; advertising expense: 550,000; Depreciation expense- store equipment: 140,000; miscellaneous selling expense: 38,000; office salaries expense: 650,000; rent expense; Depreciation expense-office equipment: 50,000; insurance expense: 48,000; office supplies expense: 28,100; miscellaneous administrative exp.: 14,500; interest expense: 21,000. INSTRUCTIONS Prepare a multiple-step income statement. HIDE ANSWER Answer: Check Figure: Net income $943,400 Prepare a statement of owner's equity. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. Briefly explain how multiple-step and single-step income statements differ