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In: Accounting

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, 2018:

Cash $111,200 Retained Earnings 490,200
Accounts Receivable 301,900 Dividends 66,600
Inventory 338,100 Sales $4,074,100
Estimated Returns Inventory 22,500 Cost of Goods Sold 2,356,600
Office Supplies 10,500 Sales Salaries Expense 662,700
Prepaid Insurance 8,100 Advertising Expense 182,200
Office Equipment 244,800 Depreciation Expense—
   Store Equipment

35,500
Accumulated Depreciation—
   Office Equipment

166,300
Miscellaneous Selling Expense 15,600
Store Equipment 764,100 Office Salaries Expense 361,800
Accumulated Depreciation—
   Store Equipment

244,800
Rent Expense 53,400
Accounts Payable 169,400 Depreciation Expense—
   Office Equipment

26,700
Customer Refunds Payable 40,000 Insurance Expense 16,600
Salaries Payable 10,800 Office Supplies Expense 9,800
Note Payable
   (final payment due 2024)

355,000
Miscellaneous Administrative Exp. 7,100
Common Stock 56,000 Interest Expense 10,800

1. Prepare a multiple-step income statement.

Clairemont Co.
Income Statement
For the Year Ended May 31, 2018
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total operating expenses

2. Prepare a retained earnings statement.

Clairemont Co.
Retained Earnings Statement
For the Year Ended May 31, 2018

3. Prepare a balance sheet, assuming that the current portion of the note payable is $17,750.

Clairemont Co.
Balance Sheet
May 31, 2018
Assets
Current assets:
Total current assets
Property, plant and equipment:
Total property, plant and equipment
Total assets
Liabilities
Current liabilities:
Total current liabilities
Long-term liabilities:
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity

4. a. Which type of income statement shows intermediate balances?

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