Multiple Step Income Statement and Balance Sheet abels and Amount Descriptions Income Statement Statement of Owner's Equity Instructions X The following selected accounts and their o balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 208: Cash $238,400 Accounts Receivable 965,200 Merchandise Inventory 1,771,300 Office Supplies 21,700 Prepaid Insurance 6,900 Office Equipment 839,300 Accumulated Depreciation-Office Equipment 541,200 Store Equipment 3,594, 100 Accumulated Depreciation-Store Equipment ,821,000 Accounts Payable 362,900 Customer Refunds Payable 18,500 Salaries Payable 40,700 Note Payable* 318,000 Kristina Marble, Capital 3,393,100 Kristina Marble, Drawing 100,000 Sales 11,417,000 Cost of Merchandise Sold 7,843,800 Previous Check My Work All work saved Email Instructor Save and Exit Submit Assignment fo MacBook Air 4) 14 II DV F7 F9 F10 F11 30 F3 F4 F5 F6 F8 % A & 5 18 O A T Y U O P R G H K LInstructions Sales Salaries Expense 921,600 Advertising Expense 557,600 Depreciation Expense-Store Equipment 141,900 Miscellaneous Selling Expense 46,400 Office Salaries Expense 643,900 Rent Expense 39,000 Depreciation Expense-Office Equipment 49,000 Insurance Expense 46,900 Office Supplies Expense 24,900 Miscellaneous Administrative Expense 11,600 Interest Expense 18,900 *final payment due in 10 years Required: 1. Prepare a multiple-step income statement." 2. Prepare a statement of owner's equity.* 3. Prepare a balance sheet, assuming that the current portion of the note payable is $49,900." 4. How multiple-step and single-step income statements differ. "Be sure to read the instructions for each financial statement carefully Check My Work All work saved. Email Instructor Save and Exit Sub MacBook Air DII 20 F3 F5 F6 F9 F10 0DO F4 F7 F8 LA % & 5 6 8 9 O Y U O P RLabels and Amount Descriptions Labels Current assets Current liabilities For the Year Ended May 31, 20Y8 Long-term liabilities May 31, 20Y8 Expenses Other revenue and expense Property, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 2017 Kristina Marble, capital, May 31, 20Y8 Withdrawals Net income Net loss Total administrative expenses Total assets Total current assets Check My Work All work saved. Email InstrucLabels and Amount Descriptions X Other revenue and expense Property, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 20Y7 Kristina Marble, capital, May 31, 20Y8 Withdrawals Net income Net loss Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and owner's equity Total operating expenses Total property, plant, and equipment Total selling expenses Check My Work All work saved. Email Instructor MacBook All F4 F5 F6 F7 FB F9 F3 % A &Multiple Step Income Statement and Balance Shee Instructions Income Statement Statement of Owner's Equity Income Statement X 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. Druid Hills Co. Income Statement (Label) 4 (Label) 5 Selling expenses: 6 9 Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Gradin MacBook Air 44 DD 4) F7 F8 F9 F10 F11 F3 F4 F5 % & LA 8 O 4 5 R T Y U O P F G H L K