The following selected accounts and their current balances appear in the ledger of Case-It Co. for the fiscal year ended November 30, 2010:

1. Prepare a multiple-step income statement.2. Prepare a statement of owner's equity.3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $8,000.4. Briefly explain(a) How multiple-step and single-step income statements differ and(b) How report-form and account-form balance sheetsdiffer.

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$ 37,700 Cash Sales Returns and Allowances 37,800 19,800 1,926,000 378,000 50,900 %24 Accounts Receivable 111,600 180,000 5,000 12,000 Sales Discounts Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Gina Hennessy, Capital Gina Hennessy, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Depreciation Expense- Office Equipment Office Supplies Expense 115,200 8,300 49,500 311,500 2,000 73,800 39,900 22,950 87,500 48,600 3,600 54,000 16,200 1,650 Miscellaneous Administrative 1,900 4,400 454,800 45,000 2,703,600 Expense Interest Expense