PR 6-6A Single-step income statement and account form of balance sheet Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owner's equity. OBJ, 3 an account form of balance sheet, assuming that the current portion of the note payable is $50,000. 4. Prepare closing entries as of May 31, 2016. English joumatize the August transactions tor () summit Company and () Beartooth co. PR 6-SA Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016 oBJ. 3 240000 Kistina Matble Drawing Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- 5 100,000 11,343,000 7,850,000 916,000 550,000 966,000 Sales 1,712,500 Cost of Merchandise Sold 13,500 Sales Salaries Expense 8,000 Advertising Expense 30,000 Depreciation Expense Office Equipment Store Equip Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense 140,000 38,000 650,000 94,000 550,000 3,600,000 Store Equipment Accounts Payable Salaries Payable Note Payable 1,820,000 Depreciation Expense- 366,000 41,500Insurance Expense Office Equipment 50,000 48,000 28,100 14,500 21,000 Office Supplies Expense (final payment due 2022) 00,000Miscellaneous Administrative Exp. ,449,100 Interest Expense Kristina Marble, Capital Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000