The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31,20Y8. Labels and Amount Deseriptions I Income Statement Multiple-Step Income Statement and Balance Sheet Multiple-Step Income Statement and Balance Sheet ingtructions Labels and Amount Descriptions Income Statement Instructions Miscellaneous Administrative Expense Interest Expense 20,600 "final payment due in 10 years Required: 1. Prepare a multiple-step income statement " 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $56,900. 4. How multiple-step and single-step income statements differ "Be sure to read the instructions for each financial statement carefully 1. Prepare a multiple-step income statement. Be sure to complete the statement heading Reler to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net loss should be negative. Expenses should be positive. A colon () will automatically appear if it is required Multiple-Step Income Statement and Balance sheet LabeisandAmountDescriptions InstructionsIncomeStatement Shaded calls have feedback 1 (Lisel) 1. Selling opemer: Admintative epensec: Multiple-step. Income Statement and Balance Sheet ingtructions Labels and Amount Descriptions Income Statement \begin{tabular}{l} Instructions \\ Income Statement \\ \hline st \end{tabular} Use the multiple-step income statement format, with its separation of revenues, cost of merchandise sold, selling ixpenses, administrative expenses, and other income and other expense Instructions Labels and Amount Descriptions Income Statement Instructions Income Statement Statement of Owner's Equity Druid Hills Co Score: 0/44 Statement of Owner's Equity (Label) 3 Prepue a babance sheef assuming that the cument potion of the note payable is 556,900 tle sure to camphede the alatement hading. Refer to the account names in the instructons and the ssts of Labels and Amount Descrotons for the exact wording of text entres. Order the Property Plant 8 Equpment accound in the order shomp on the instrictions page Wou wa not need to enter colons () or the ward "Lesa" on the baiance sheet they wil automatcaly insert wheve necessary Enby ar amounts as postre numbera The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31,20Y8. Labels and Amount Deseriptions I Income Statement Multiple-Step Income Statement and Balance Sheet Multiple-Step Income Statement and Balance Sheet ingtructions Labels and Amount Descriptions Income Statement Instructions Miscellaneous Administrative Expense Interest Expense 20,600 "final payment due in 10 years Required: 1. Prepare a multiple-step income statement " 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $56,900. 4. How multiple-step and single-step income statements differ "Be sure to read the instructions for each financial statement carefully 1. Prepare a multiple-step income statement. Be sure to complete the statement heading Reler to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net loss should be negative. Expenses should be positive. A colon () will automatically appear if it is required Multiple-Step Income Statement and Balance sheet LabeisandAmountDescriptions InstructionsIncomeStatement Shaded calls have feedback 1 (Lisel) 1. Selling opemer: Admintative epensec: Multiple-step. Income Statement and Balance Sheet ingtructions Labels and Amount Descriptions Income Statement \begin{tabular}{l} Instructions \\ Income Statement \\ \hline st \end{tabular} Use the multiple-step income statement format, with its separation of revenues, cost of merchandise sold, selling ixpenses, administrative expenses, and other income and other expense Instructions Labels and Amount Descriptions Income Statement Instructions Income Statement Statement of Owner's Equity Druid Hills Co Score: 0/44 Statement of Owner's Equity (Label) 3 Prepue a babance sheef assuming that the cument potion of the note payable is 556,900 tle sure to camphede the alatement hading. Refer to the account names in the instructons and the ssts of Labels and Amount Descrotons for the exact wording of text entres. Order the Property Plant 8 Equpment accound in the order shomp on the instrictions page Wou wa not need to enter colons () or the ward "Lesa" on the baiance sheet they wil automatcaly insert wheve necessary Enby ar amounts as postre numbera