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Balance Sheet 12 11 34 Store equipment 15 Current assets Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaidimurance Total current assets Property, plant, and equipment Office equipment Accumulated depreciation Office equipment N I Accumulated depreciation Store equipment Assets Total property, plant, and equipment 1 Total assets 30 Current liabilities Accounts payable Customer refunds payable Estimated coupons payable Salaries payable Note payable (current portion) Totalcumentaties a a Lublities Note payable (final payment due in 6 year) Total abilities For the Year Ended May 31, 2012 Stockholde Equity Common stack Retained eamings Total stockholders' equity Total liabilities and stockholders' equity $827,000.00 $56,000.00 $3,594,800.00 -1,827,100.00 $232.700.00 957.000.00 1,668,600.00 21,300.00 15,600.00 18,000.00 $271,000.00 1,767,700.00 $356,900.00 45,400.00 5,000.00 41,900.00 58,000.00 $501.600.00 2,796,500.00 $2,913,200.00 $874,500.00 $505,200.00 296.000.00 $209.200.00 1,287,900.00 $5,497.300.00

Income Statement 1. Prepare a multiple-step income statement Income Statement Instructions 1 Sales 4 Operating expenses Selling expenses: 11 12 35 Miscellaneous selling expense Total selling expenses Administrative expenses: Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense U Miscellaneous administrative expense 14 15 Cost of goods sold Gross profit 14 Sales salaries expense A Advertising expense Depreciation expense-store equipment 14 Total administrative expenses Total operating expenses 39 Operating income 21 Other revenue and expense 22 issued common stock Clairement Co. Income Statement For the Year Ended May 31, 2012 Net income $923,100.00 540,500.00 134,900.00 37,800.00 $664,400.00 101.000.00 45.900.00 42.700.00 31,800.00 7,100.00 $1,656,300.00 892,900.00 Score: 163/176 $11,405,800.00 7842,100.00 $3,561,700.00 2,529,200.00 $1,032,500.00 501,600.00 $550,900.00

Statement of Stockholders' Equity 2. Prepare a statement of stockholders equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012. Statement of Stockholders' Equity Instructions 2 Balances, June 1, 2011 3 Issued common stock Net income s Dividends Balances, May 31, 2012 Clairemont Co. Statement of Stockholders' Equity For the Year Ended May 31, 2012 Common Stock $501,600.00 75,000.00 $576,600.00 Retained Earnings $2,786,300.00 550,900.00 (99,900.00) $3,217,300.00 Points: Score: 52/77 Total $3,287,900.00 75,000.00 $50,900.00 (99,900.00) $3,142,300.00 12.16/18

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2012: Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Salaries payable Customer refunds payable Estimated coupons payable Note payable (final payment due in 6 years) Common stock Retained eamings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense Office supples expense Miscellaneous administrative expense Interest expense $232,700 957,000 1,668,600 21,300 15,600 18.000 827,000 556.000 3,594,800 1,827,100 356,900 41,900 43,400 5,000 296,000 501,600 2,766.300 99,900 11,400,000 7,842,100 923,100 540,500 134,900 37,800 664,400 101,000 45,900 42,700 31,800 7,100 11,800 Statement of Stockholders' Equity 2. Prepare a statement of stockholders equity. Additional common stoc Statement of Stockholders' Equity Instructions Balances, June 1, 201 Issued common stock Net income Dividends Balances, May 31, 2012 Required: 1. Prepare a multiple-stap income atatement. 2. Prepare a statement of stockholders equity. Additional common atook of $75,000 was issued during the year ended May 31, 2012 3. Prepare a balance sheet, assuming that the current portion of the note payable is $58.000 4. Briefly explain how multiple step and single ateo income statements differ Clairem Statement of Sto For the Year Ende