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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:

Cash	$ 240,000
Accounts Receivable	966,000
Merchandise Inventory	1,712,500
Office Supplies	13,500
Prepaid Insurance	8,000
Office Equipment	830,000
Accumulated Depreciation-Office Equipment	550,000
Store Equipment	3,600,000
Accumulated Depreciation-Store Equipment	1,820,000
Accounts Payable	366,000
Salaries Payable	41,500
Note Payable (final payment due 2022)	300,000
Kristina Marble, Capital	3,449,100
Kristina Marble, Drawing	100,000
Sales	11,343,000
Cost of Merchandise Sold	7,850,000
Sales Salaries Expense	916,000
Advertising Expense	550,000
Depreciation Expense-Store Equipment	140,000
Miscellaneous Selling Expense	38,000
Office Salaries Expense	650,000
Rent Expense	94,000
Depreciation Expense-Office Equipment	50,000
Insurance Expense	48,000
Office Supplies Expense	28,100
Miscellaneous Administrative Expense	14,500
Interest Expense	21,000

	Required:
1.	Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. *
2.	Prepare a statement of owners equity.*
3.	Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.*
4.	Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles.

* Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required

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