Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.

he following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:

Cash	$ 244,200
Accounts receivable	956,700
Inventory	1,612,700
Estimated returns inventory	23,300
Office supplies	18,900
Prepaid insurance	3,000
Office equipment	829,000
Accumulated depreciation-office equipment	552,400
Store equipment	3,606,800
Accumulated depreciation-store equipment	1,817,800
Accounts payable	372,700
Customer refunds payable	38,900
Salaries payable	46,100
Note payable (final payment due 2024)	310,000
Common stock	501,700
Retained earnings	2,759,300
Dividends	109,500
Sales	11,401,400
Cost of goods sold	7,848,200
Sales salaries expense	907,500
Advertising expense	542,000
Depreciation expense-store equipment	132,800
Miscellaneous selling expense	43,900
Office salaries expense	657,500
Rent expense	96,600
Depreciation expense-office equipment	52,900
Insurance expense	57,900
Office supplies expense	31,300
Miscellaneous administrative expense	9,100
Interest expense	16,500

	Required:
1.	Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
2.	Prepare a retained earnings statement. Negative amount should be indicated by the minus sign.*
3.	Prepare a balance sheet, assuming that the current portion of the note payable is $48,000.*
4.	Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

* Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.

Please answer like this:

Clairemont Company Score: 34/178 Income Statement For the Year Ended May 31, 2018 1 Sales $11,401,400.00 2 Cost of goods sold 7,848,200.00 3. Gross profit $3,553,200.00 4 Operating expenses: 5 (Label) 6 Clairemont Company Score: 34/178 Income Statement For the Year Ended May 31, 2018 1 Sales $11,401,400.00 2 Cost of goods sold 7,848,200.00 3. Gross profit $3,553,200.00 4 Operating expenses: 5 (Label) 6