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	$245,100
Accounts Receivable	971,100
Merchandise Inventory	1,786,300
Office Supplies	15,200
Prepaid Insurance	3,400
Office Equipment	836,100
Accumulated Depreciation-Office Equipment	559,400
Store Equipment	3,598,200
Accumulated Depreciation-Store Equipment	1,827,700
Accounts Payable	362,600
Customer Refunds Payable	48,500
Salaries Payable	40,800
Note Payable*	288,000
Kristina Marble, Capital	3,415,600
Kristina Marble, Drawing	104,200
Sales	11,442,000
Cost of Merchandise Sold	7,846,400
Sales Salaries Expense	922,900
Advertising Expense	542,700
Depreciation Expense-Store Equipment	146,100
Miscellaneous Selling Expense	47,000
Office Salaries Expense	658,600
Rent Expense	98,800
Depreciation Expense-Office Equipment	47,000
Insurance Expense	49,500
Office Supplies Expense	18,500
Miscellaneous Administrative Expense	18,300
Interest Expense	29,200
*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 $46,000.*
4.	How multiple-step and single-step income statements differ.

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