Revenues: Sales.. Rent revenue Total revenues.. Expenses: Cost of goods sold Selling expenses... Administrative expenses Interest expense. Total expenses Net income NetSolutions Income Statement For the Year Ended December 31, 20Y8 $ 708,255 600 $ 708,855 $520,305 70,820 34,890 2,440 (628,455) $ 80,400 1. Prepare a single-step income statement in the format shown in Exhibit 13. 2. Prepare a statement of stockholders' equity. I 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. 4. Prepare closing entries as of May 31, 2012. Exhibit 18 Chart of Accounts under the Periodic Inventory System Balance Sheet Accounts 100 Assets 110 Cash 111 Notes Receivable 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Office Supplies 118 Prepaid Insurance 120 Land 123 Store Equipment 124 Accumulated Depreciation- Store Equipment 125 Office Equipment 126 Accumulated Depreciation- Office Equipment 200 Liabilities 210 Accounts Payable 211 Salaries Payable 212 Unearned Rent 213 Customer Refunds Payable 215 Notes Payable 300 Stockholders' Equity 310 Common Stock 311 Retained Earnings 312 Dividends Income Statement Accounts 400 Revenues 410 Sales 500 Costs and Expenses 510 Purchases 511 Purchases Returns and Allowances 512 Purchases Discounts 513 Freight In 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense- Store Equipment 523 Delivery Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense- Office Equipment 533 Insurance Expense 534 Office Supplies Expense 539 Misc. Administrative Expense 600 Other Revenue 610 Rent Revenue 700 Other Expense 710 Interest Expense