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

Cash	$ 243,100
Accounts Receivable	964,900
Merchandise Inventory	1,788,600
Office Supplies	19,700
Prepaid Insurance	6,400
Office Equipment	828,400
Accumulated Depreciation-Office Equipment	545,900
Store Equipment	3,593,800
Accumulated Depreciation-Store Equipment	1,829,700
Accounts Payable	360,900
Salaries Payable	41,000
Note Payable (final payment due 2022)	298,000
Kristina Marble, Capital	3,583,500
Kristina Marble, Drawing	102,600
Sales	11,287,400
Cost of Merchandise Sold	7,850,900
Sales Salaries Expense	919,600
Advertising Expense	549,100
Depreciation Expense-Store Equipment	148,000
Miscellaneous Selling Expense	35,500
Office Salaries Expense	644,000
Rent Expense	103,700
Depreciation Expense-Office Equipment	42,000
Insurance Expense	39,900
Office Supplies Expense	33,900
Miscellaneous Administrative Expense	20,700
Interest Expense	11,600

	Required:
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 statement of owners equity.*
3.	Prepare a report form of balance sheet, assuming that the current portion of the note payable is $54,600. Less or Plus will automatically appear if it is required.*
4.	Answer the questions on (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

* Be sure to complete the statement headings. 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.