Required: 1. Prepare a multiple-step income statement 2. Prepare a statement of stockholders' equty. Additional common stock of $75,000 was issued during the year ended May 31,20Y2 3. Prepare a balance sheet, assuming that the current portion of the note payable is $58,000, 4. Briffy explain how multiple-step and siogte-step income statements differ Income Statement Clairemont Co. Income Statement (Label) Chock My Work 3 more Check My Work uses remaining Previor Briefly explain how mulliple-step and single-step income statements differ: Which type of income statement shows intermediate balances? Muttiple-step Single-step Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31,20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Muitiple-step income statement and balance sheet Balance Sheet 3. Prepare a balance sheet, assuming that the current portion of the note poyable is $58,000 2. Prepare a statement of stockholders' equity. Additonal common stock or $75,000 was issued during the year ended Mary 31,20Y2. Labels and Amount Descriptions Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Check My Work 3 more Check My Work uses remaining. All work saved. Labels and Amount Descriptions Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockhoiders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Check My Work 3 more Check My Work uses remaining All work saved. The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31,20Y2 Labels and Amount Descriptions Selling expenses Amount Descriptions Balances, June 1, 20 Y1 Balances, May 31, 20 Y2 Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Check My Work 3 more Check My Work uses remaining All work saved. Required: 1. Prepare a multiple-step income statement 2. Prepare a statement of stockholders' equty. Additional common stock of $75,000 was issued during the year ended May 31,20Y2 3. Prepare a balance sheet, assuming that the current portion of the note payable is $58,000, 4. Briffy explain how multiple-step and siogte-step income statements differ Income Statement Clairemont Co. Income Statement (Label) Chock My Work 3 more Check My Work uses remaining Previor Briefly explain how mulliple-step and single-step income statements differ: Which type of income statement shows intermediate balances? Muttiple-step Single-step Labels and Amount Descriptions Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31,20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Muitiple-step income statement and balance sheet Balance Sheet 3. Prepare a balance sheet, assuming that the current portion of the note poyable is $58,000 2. Prepare a statement of stockholders' equity. Additonal common stock or $75,000 was issued during the year ended Mary 31,20Y2. Labels and Amount Descriptions Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Check My Work 3 more Check My Work uses remaining. All work saved. Labels and Amount Descriptions Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockhoiders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Check My Work 3 more Check My Work uses remaining All work saved. The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31,20Y2 Labels and Amount Descriptions Selling expenses Amount Descriptions Balances, June 1, 20 Y1 Balances, May 31, 20 Y2 Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Check My Work 3 more Check My Work uses remaining All work saved