The following selected accounts and their current balances appear in the ledger of Clairemont Co for the fiscal year ended May 31, 20Y2 Cash $238,400 Accounts receivable 960,300 Inventory 1,644,400 Estimated returns inventory 20,900 Office supplies 22,200 Prepaid insurance 15,100 Office equipment 825,800 Accumulated depreciation office equipment 551,100 Store equipment 3,603,000 Accumulated depreciation store equipment 1,819,400 Accounts payable 356,700 Customer refunds payable 48,800 Salaries payable 44,900 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 goods sold 7,856,600 Sales salaries expense 908,400 Advertising expense 545,800 Depreciation expense store equipment 142,200 Miscellaneous selling expense 41,000 Office salaries expense 651,300 Rent expense 90,800 Depreciation expense office equipment 40,700 Insurance expense 47,600 Office supplies expense 35,000 Miscellaneous administrative expense 15,200 Interest expense 28,200 Required 1 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 For those boxes in which you must enter subtracted or negative numbers use a minus sign 2 Prepare a statement of stockholders equity Additional common stock of $75,000 was issued during the year ended May 31, 20Y2 Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries For those boxes in which you must enter subtracted or negative numbers use a minus sign 3 Prepare a balance sheet, assuming that the current portion of the note payable is $56,000 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 For those boxes in which you must enter subtracted or negative numbers use a minus sign 4 Briefly explain how multiple step and single step income statements differ

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Posted on Sep 17, 2024

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

Cash	$238,400
Accounts receivable	960,300
Inventory	1,644,400
Estimated returns inventory	20,900
Office supplies	22,200
Prepaid insurance	15,100
Office equipment	825,800
Accumulated depreciation-office equipment	551,100
Store equipment	3,603,000
Accumulated depreciation-store equipment	1,819,400
Accounts payable	356,700
Customer refunds payable	48,800
Salaries payable	44,900
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 goods sold	7,856,600
Sales salaries expense	908,400
Advertising expense	545,800
Depreciation expense-store equipment	142,200
Miscellaneous selling expense	41,000
Office salaries expense	651,300
Rent expense	90,800
Depreciation expense-office equipment	40,700
Insurance expense	47,600
Office supplies expense	35,000
Miscellaneous administrative expense	15,200
Interest expense	28,200

	Required:
1.	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. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2.	Prepare a statement of stockholders equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
3.	Prepare a balance sheet, assuming that the current portion of the note payable is $56,000. 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
4.	Briefly explain how multiple-step and single-step income statements differ.