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

Instructions1. Prepare a multiple-step income statement.2. Prepare a retained earnings statement.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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$ 37,700 111,600 180,000 5,000 12,000 Cash Sales $2,703,600 37,800 19,800 1,926,000 378,000 Accounts Receivable Sales Returns and Allowances 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) Capital Stock Retained Earnings Sales Discounts 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 Miscellaneous Administrative 115,200 50,900 49,500 311,500 8,300 2,000 73,800 87,500 48,600 3,600 39,900 22,950 16,200 54,000 1,650 50,000 404,800 Expense Interest Expense 1,900 4,400 Dividends 45,000