Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2018, are presented in Problem 5-5A.

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 12.
2. Prepare a retained earnings statement.
3. Prepare balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2018.
Exhibit 12: Single-Step Income Statement

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Retained Earnings 11,343,000 Cost ot Goods Sold 2 Sales Salaries Expense ation-- Miscellaneous Selling Expense Office Salaries Expense ation-- Customer Refunds Payable Si Payable Office Supplies Expense Miscellaneous Administrative Exp. 2 (final payment due 2024) NetSolutions Income Statement For the Year Ended December 31, 2019 Revenues: Sales Rent revenue $708,255 600 $708,855 Total revenues Expenses: Cost of goods sold. Selling expenses $520,305 70,820 34,890 2,440 Interest expense Total expenses $ 80,400