Multiple

Balance Sheet

Final Question

Instructions

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

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
Accumulateddepreciation-officeequipment	548,200
Store equipment	3,607,700
Accumulated depreciation-storeequipment	1,816,600
Accounts payable	360,900
Salaries payable	42,500
Customer refunds payable	33,200
Estimated coupons payable	5,000
Notepayable(final payment due in 6 years)	299,000
Maureen Leon, capital	3,637,000
Maureen Leon, drawing	98,800
Sales	11,256,200
Cost of goods sold	7,856,100
Sales salaries expense	907,500
Advertising expense	547,800
Depreciation expense-storeequipment	144,800
Miscellaneous selling expense	31,700
Office salaries expense	664,600
Rent expense	84,400
Depreciation expense-officeequipment	53,800
Insurance expense	56,200
Office supplies expense	24,100
Miscellaneousadministrativeexpense	14,900
Interest expense	12,400

	Required:
1.	Prepare a multiple-step income statement.
2.	Prepare a statement of owner's equity. Maureen Leon invested an additional $75,000 in the business during the year ended May 31, 20Y2.