Statement of Stockholders' Equity Shaded cells have feedback. For the Year Ended May 31, 20 Y2 \begin{tabular}{|l|l|r|r|r|r|} \hline 1 & & & \multicolumn{1}{|c|}{\begin{tabular}{l} Retained \\ Earnings \end{tabular}} & Total \\ \hline 2 & Balances, June 1, 20Y1 & & $421,400.00 & $3,140,600.00 & $3,562,000.00 \\ \hline 3 & Issued common stock & & 75,000.00 & & 75,000.00 \\ \hline 4 & Net income & & & 857,900.00 & 857,900.00 \\ \hline 5 & Dividends & & & (98,800.00) & (98,800.00) \\ \hline 6 & Balances, May 31, 20Y2 & & $496,400.00 & $3,899,700.00 & $4,396,100.00 \\ \hline \end{tabular} Points: 9.35/18 Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31,20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 20 Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $56,000. 4. Briefly explain how multiple-step and single-step income statements differ. Income Statement Shaded cells have feedback. X The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: \begin{tabular}{lr} Instructions \\ Store equipment & 3,603,000 \\ Accumulated depreciation-store equipment & 1,819,400 \\ Accounts payable & 351,700 \\ Salaries payable & 44,900 \\ Customer refunds payable & 48,800 \\ Estimated coupons payable & 5,000 \\ Note payable (final payment due in 6 years) & 285,000 \\ Common stock & 507,300 \\ Retained earnings & 2,822,800 \\ Dividends & 108,200 \\ Sales & 11,405,100 \\ Cost of qoods sold & 7,856,600 \\ \hline \end{tabular} Balance Sheet Shaded cells have feedback. \begin{tabular}{|l|l|r|r|} \hline \multicolumn{2}{|c|}{} & \begin{tabular}{c} Clairemont Co. \\ Balance Sheet \end{tabular} & Score: 117/253 \\ \hline & & & \\ \hline 1 & & & \\ \hline 2 & Current assets: & & \\ \hline 3 & Cash & & \\ \hline 4 & Accounts receivable & & \\ \hline 5 & Inventory & & \\ \hline 6 & Estimated returns inventory & & \\ \hline \end{tabular} Labels and Amount Descriptions Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Instructions Cost of goods 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 expense Interest expense 7,856,600 908,400 545,800 142,200 41,000 651,300 90,800 40,700 47,600 35,000 15,200 28,200