The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2012: Cash $243,100 Accounts receivable 964,900 Inventory 1,788,600 Estimated returns inventory 21,200 Office supplies 17,800 Prepaid insurance 8,400 Office equipment 825,900 Accumulated depreciation-office equipment 543,800 Store equipment 3,609,700 Accumulated depreciation-store equipment 1,814,900 Accounts payable 351,300 Salaries payable 44,100 Customer refunds payable 39,200 Estimated coupons payable 5,000 Instructions Estimated coupons payable 5,000 Note payable (final payment due in 6 years) 289,000 Common stock 500,900 Retained earnings 3,143,700 94,200 Dividends Sales Cost of goods sold 11,281,200 7,858,000 Sales salaries expense 917,600 Advertising expense 551,900 Depreciation expense-store equipment 149,700 Miscellaneous selling expense 36,600 Office salaries expense 668,600 Rent expense 99,800 Depreciation expense-office equipment 56,200 Insurance expense 38,600 Office supplies expense 32,700 Miscellaneous administrative expense 7,900 Depreciation expense-office equipment 56,200 Insurance expense 38,600 Office supplies expense 32,700 Miscellaneous administrative expense 7,900 Interest expense 21,700 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, 2012. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $42,000. 4. Briefly explain how multiple-step and single-step income statements differ. Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31, 2012 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 201 Balances, May 31, 20Y2 Book value-office equipment Book value-store equipment Dividends X ear ended Labels and Amount Descriptions Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income 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 Income Statement 1. Prepare a multiple-step income statement. Income Statement Instructions 1 2 3 (Label) 5 (Label) Clairemont Co. Income Statement (Label) L Statement of Stockholders' Equity 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012 Statement of Stockholders' Equity Instructions 2 Clairemont Co. Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings Previ 3. Prepare a balance sheet, assuming that the current portion of the note payable is $42,000. Balance Sheet Instructions Assets 2 (Label) Clairemont Co. Balance Sheet (Label) 3. Final Question Briefly explain how multiple-step and single-step income statements differ. Ba Which type of income statement shows intermediate balances? Multiple-step O Single-step X