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

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	356,300
Customer refunds payable	39,200
Salaries payable	44,100
Note payable (final payment due in 6 years)	289,000
Common stock	500,900
Retained earnings	3,143,700
Dividends	94,200
Sales	11,281,200
Cost of goods sold	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
Interest expense	21,700

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 $42,000. 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.

Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31, 20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 20Y1 Balances, May 31, 20Y2 Book value-office equipment Book value-store equipment 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

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. Income statement

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 $42,000. 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.

(Label) 1 2 3 4 (Label) 5 (Label) 6 7 8 9 10 11 (Label) 12 13 14 15 16 17 18 19 20 21 (Label) 22 23 Clairemont Co. Statement of Stockholders' Equity (Label) \begin{tabular}{|l|l|} \hline 1 & \\ \hline 2 & (Label) \\ \hline \end{tabular} Assets 3 4 5 6 7 8 9 10 (Label) 11 12 13 14 15 16 17 18 \begin{tabular}{|l|l|} \hline 19 & \\ \hline 20 & (Label) \\ \hline \end{tabular} Liabilities 21 22 23 24 25 (Label) 27 28 29 Stockholders' Equity 30 31 32 33