The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Accounting
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019:
Cash $ 240,000
Accounts Receivable 966,000
Merchandise Inventory 1,690,000
Estimated Returns Inventory 22,500
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 326,000
Customer Refunds Payable 40,000
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 ~~1. Prepare a multiple-step income statement. In the Other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
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