The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019:

Instructions
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner's equity.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.
4. Briefly explain how multiple-step and single-step income statements differ.

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Kristina Marble, Drawing $100,000 11,343,000 Accounts Receivable Merchandise Inventory Estimated Returns Inventory Cost of Merchandise Sold 22,500 Sales alaries Expense 1 Miscellaneous Selling Expense Office Salaries Expense 5 ation- 3 ation- Store Equipment Insurance Expense 0,000 Office Supplies Expense 41,500Miscellaneous Administrative Exp. Customer Refunds Payable (final payment due 2022) Kristina Marble, Capital 3