The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019. cash-$240,000, Accounts Receivable-966,000 Merchandise Inventory-1,690,000, Estimated Returns Inventory-22,500, Office supplies-13500, Prepaid Insurance-8,000, Office Equipment-830,000.Accumulated Depreciation- Office eqiupment 550,000. Store Equipment-3,600,000.Accumulated Depreciation- Store Equipment-1,820,000. Accounts Payable-326,000. Customer Refunds Payable-40,000.Salaries Payable-41,500. Notes 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 Adiministrative Expense-14,500. Interest Expense- 21,000. Question 1- Prepare a multiple-step income statement. Question 2- Prepare a statment of owner's equity. Question 3- Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. Question 4- Briefly explain how multiple-step and single-step income statements differ.

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