The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8:

Cash	$241,300
Accounts Receivable	975,200
Merchandise Inventory	1,810,700
Office Supplies	22,600
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
Customer Refunds Payable	48,500
Salaries Payable	44,300
Note Payable*	291,000
Kristina Marble, Capital	3,472,600
Kristina Marble, Drawing	96,900
Sales	11,382,800
Cost of Merchandise Sold	7,845,100
Sales Salaries Expense	921,100
Advertising Expense	543,500
Depreciation Expense-Store Equipment	144,900
Miscellaneous Selling Expense	43,700
Office Salaries Expense	647,800
Rent Expense	102,000
Depreciation Expense-Office Equipment	54,000
Insurance Expense	48,200
Office Supplies Expense	25,800
Miscellaneous Administrative Expense	8,100
Interest Expense	15,400
*final payment due in 10 years

	Required:
1.	Prepare a multiple-step income statement.*
2.	Prepare a statement of owners equity.*
3.	Prepare a balance sheet, assuming that the current portion of the note payable is $44,700.*
4.	How multiple-step and single-step income statements differ.

*Be sure to read the instructions for each financial statement carefully.