The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a statement of owners equity.* 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * 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. CHART OF ACCOUNTS Clairemont Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Note Payable 219 Sales Tax Payable EQUITY 310 Kristina Marble, Capital 311 Kristina Marble, Drawing 312 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense Labels Current assets Current liabilities Expenses For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Property, plant, and equipment Amount Descriptions Administrative expenses Increase in owners equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owners equity Total property, plant, and equipment Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts 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. Clairemont Company Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Clairemont Company Statement of Owners Equity 1 2 3 4 5 Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. A colon (:) will automatically appear if it is required. Clairemont Company Balance Sheet 1 Assets Liabilities 2 3 4 5 6 7 8 9 10 Owners Equity 11 12 13 14 15 Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a statement of owners equity.* 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * 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. CHART OF ACCOUNTS Clairemont Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Note Payable 219 Sales Tax Payable EQUITY 310 Kristina Marble, Capital 311 Kristina Marble, Drawing 312 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense Labels Current assets Current liabilities Expenses For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Property, plant, and equipment Amount Descriptions Administrative expenses Increase in owners equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owners equity Total property, plant, and equipment Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts 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. Clairemont Company Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Clairemont Company Statement of Owners Equity 1 2 3 4 5 Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. A colon (:) will automatically appear if it is required. Clairemont Company Balance Sheet 1 Assets Liabilities 2 3 4 5 6 7 8 9 10 Owners Equity 11 12 13 14 15 Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a statement of owners equity.* 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * 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. CHART OF ACCOUNTS Clairemont Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Note Payable 219 Sales Tax Payable EQUITY 310 Kristina Marble, Capital 311 Kristina Marble, Drawing 312 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense Labels Current assets Current liabilities Expenses For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Property, plant, and equipment Amount Descriptions Administrative expenses Increase in owners equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owners equity Total property, plant, and equipment Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts 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. Clairemont Company Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Clairemont Company Statement of Owners Equity 1 2 3 4 5 Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. A colon (:) will automatically appear if it is required. Clairemont Company Balance Sheet 1 Assets Liabilities 2 3 4 5 6 7 8 9 10 Owners Equity 11 12 13 14 15 Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a statement of owners equity.* 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * 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. CHART OF ACCOUNTS Clairemont Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Note Payable 219 Sales Tax Payable EQUITY 310 Kristina Marble, Capital 311 Kristina Marble, Drawing 312 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense Labels Current assets Current liabilities Expenses For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Property, plant, and equipment Amount Descriptions Administrative expenses Increase in owners equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owners equity Total property, plant, and equipment Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts 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. Clairemont Company Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Clairemont Company Statement of Owners Equity 1 2 3 4 5 Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. A colon (:) will automatically appear if it is required. Clairemont Company Balance Sheet 1 Assets Liabilities 2 3 4 5 6 7 8 9 10 Owners Equity 11 12 13 14 15 Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a statement of owners equity.* 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * 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. CHART OF ACCOUNTS Clairemont Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Note Payable 219 Sales Tax Payable EQUITY 310 Kristina Marble, Capital 311 Kristina Marble, Drawing 312 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense Labels Current assets Current liabilities Expenses For the Year Ended May 31, 2016 Long-term liabilities May 31, 2016 Property, plant, and equipment Amount Descriptions Administrative expenses Increase in owners equity Kristina Marble, capital, June 1, 2015 Kristina Marble, capital, May 31, 2016 Less withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owners equity Total property, plant, and equipment Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts 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. Clairemont Company Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Clairemont Company Statement of Owners Equity 1 2 3 4 5 Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. A colon (:) will automatically appear if it is required. Clairemont Company Balance Sheet 1 Assets Liabilities 2 3 4 5 6 7 8 9 10 Owners Equity 11 12 13 14 15 Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Kristina Marble, Capital 3,449,100 Kristina Marble, Drawing 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 20