The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:

Cash $ 241,300

Accounts Receivable $975,200

Merchandise Inventory $1,810,700

Office Supplies $16,000

Prepaid Insurance $15,500

Office Equipment $835,700

Accumulated Depreciation-Office Equipment $553,700

Store Equipment $3,590,000

Accumulated Depreciation-Store Equipment $1,826,400

Accounts Payable $368,200

Salaries Payable $44,300

Note Payable (current portion) $52,000

Note Payable (final payment due 2022) $239,000

Common Stock $496,900

Retained Earnings $3,115,400

Dividends $97,200

Sales $11,291,000

Cost of Merchandise Sold $7,847,100

Sales Salaries Expense $915,800

Advertising Expense $554,900

Depreciation Expense-Store Equipment $145,700

Miscellaneous Selling Expense $30,000

Office Salaries Expense $666,800

Rent Expense $102,800

Depreciation Expense-Office Equipment $50,200

Insurance Expense $45,700

Office Supplies Expense $21,700

Miscellaneous Administrative Expense $8,900

Interest Expense $15,700

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.*

3.	Prepare a report form of balance sheet.

Labels

Current assets

Current liabilities

For the Year Ended May 31, 2016

Long-term liabilities

May 31, 2016

Operating expenses

Other income and expense

Property, plant, and equipment

Amount Descriptions

Decrease in retained earnings

Gross profit

Income from operations

Increase in retained earnings

Less dividends

Net income

Net income for the year

Net loss

Net loss for the year

Plus dividends

Retained earnings, June 1, 2015

Retained earnings, May 31, 2016

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