Instructions Required:

Prepare a multiple$-$step income statement.

Prepare a statement of stockholders' equity. Additional common stock of $$75,000$ was issued during the year ended May $31,20Y2.$

Prepare a balance sheet, assuming that the current portion of the note payable is $$58,000.$

Briefly explain how multiple$-$step and single$-$step income statements differ. Balance Sheet

Prepare a balance sheet, assuming that the current portion of the note payable is $$58,000.$

Balance Sheet Instructions

Clairemont Co$.$

Balance SheetFinal Question

Briefly explain how multiple$-$step and single$-$step income statements differ.

Which type of income statement shows intermediate balances?

Single$-$step

Multiple$-$stepInstructions

The following selected accounts and their current balances appear in the ledger of Clairemont Co$.$ for the fiscal year ended May $31,20$Y$2$:

$\backslash$table$[[$Cash$,$$$245,100],[$Accounts receivable,$971,100],[$Inventory$,1,786,300],[$Estimated returns inventory,$22,200],[$Office supplies,$22,100],[$Prepaid insurance,$7,600],[$Office equipment,$839,400],[$Accumulated depreciation$-$office equipment,$548,200],[$Store equipment,$1,816,600],[$Accumulated depreciation$-$store equipment,$360,900],[$Accounts payable,$42,500],[$Salaries payable,$33,200],[$Customer refunds payable,$5,000],[$Estimated coupons payable,$299,000]]$