The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Cash $ 243,100
Accounts Receivable 964,900
Merchandise Inventory 1,788,600
Estimated Returns Inventory 22,500
Office Supplies 19,700
Prepaid Insurance 6,400
Office Equipment 828,400
Accumulated Depreciation-Office Equipment 545,900
Store Equipment 3,593,800
Accumulated Depreciation-Store Equipment 1,829,700
Accounts Payable 360,900
Customer Refunds Payable 22,500
Salaries Payable 41,000
Note Payable (final payment due 2022) 298,000
Kristina Marble, Capital 3,583,500
Kristina Marble, Drawing 102,600
Sales 11,287,400
Cost of Merchandise Sold 7,850,900
Sales Salaries Expense 919,600
Advertising Expense 549,100
Depreciation Expense-Store Equipment 148,000
Miscellaneous Selling Expense 35,500
Office Salaries Expense 644,000
Rent Expense 103,700
Depreciation Expense-Office Equipment 42,000
Insurance Expense 39,900
Office Supplies Expense 33,900
Miscellaneous Administrative Expense 20,700
Interest Expense 11,600
Required:
1. Prepare a multiple-step income statement. In the Other revenue and Operating Expenses section only, enter amounts that represent Other revenue and Operating Expenses as negative numbers using a minus sign.*
2. Prepare a statement of owner’s equity. Use a minus (-) sign to indicate any negative amount.*
3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $54,600. "Less" or "Plus" will automatically appear if it is required.*
4. Which type of income statement shows intermediate balances?