The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:

Instructions
1. Prepare a multiple-step income statement.
2. Prepare a retained earnings statement.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.
4. Briefly explain how multiple-step and single-step income statements differ?

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Accounts Receivable Estimated Returns Inventory Cost of Goods Sold Sales Salaries Expense 13,500 550,000 Miscellaneous Selling Expense ,600,000 Office Salaries Expense Accumulated Depreciation- 3 Customer Retunds Payable Salaries Payable 41,500Office Supplies Expense Miscellaneous Administrative Exp. 2 (final payment due 2024)