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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for...

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

Cash $232,700
Accounts receivable 957,000
Inventory 1,668,600
Estimated returns inventory 21,300
Office supplies 15,600
Prepaid insurance 18,000
Office equipment 827,000
Accumulated depreciation-office equipment 556,000
Store equipment 3,594,800
Accumulated depreciation-store equipment 1,827,100
Accounts payable 361,900
Customer refunds payable 43,400
Salaries payable 41,900
Note payable (final payment due in 6 years) 296,000
Common stock 501,600
Retained earnings 2,786,300
Dividends 99,900
Sales 11,403,800
Cost of goods sold 7,842,100
Sales salaries expense 923,100
Advertising expense 540,500
Depreciation expense-store equipment 134,900
Miscellaneous selling expense 37,800
Office salaries expense 664,400
Rent expense 101,000
Depreciation expense-office equipment 45,900
Insurance expense 42,700
Office supplies expense 31,800
Miscellaneous administrative expense 7,100
Interest expense 11,800
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 $58,000. 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.

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ekkarill92 answered 2 years ago
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