The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: $ 240,000 $ 2,949,100 Cash Retained Earnings Accounts Receivable 966,000 Dividends 100,000 Sales 11,343,000 Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment 1,690,000 Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- 22,500 7,850,000 13,500 916,000 8,000 550,000 830,000 Accumulated Depreciation- Store Equipment 140,000 Office Equipment Store Equipment 550,000 Miscellaneous Selling Expense Office Salaries Expense 38,000 3,600,000 650,000 Accumulated Depreciation- Rent Expense Depreciation Expense- Office Equipment 94,000 Store Equipment Accounts Payable Customer Refunds Payable 1,820,000 326,000 50,000 40,000 48,000 Salaries Payable Note Payable (final payment due in 6 years) Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. 41,500 28,100 14,500 300,000 Interest Expense 21,000 Common Stock 500,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. 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 $50,000. - Briefly explain how multiple and single-step income statements differ. 4.

On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: Administrative Expenses   $ 950,000   Inventory   $ 800,000   Accumulated Dep. - Building   4,000,000   Notes Payable   900,000   Building   19,000,000   Office Supplies   50,000   Common Stock   1,000,000   Retained Earnings   12,365,000   Cash   2,970,000   Sales   17,850,000   Cost of Goods Sold   10,350,000   Selling Expenses   1,650,000   Dividends   200,000   Store Supplies   150,000   Interest Expense   45,000           Prepare a multiple-step income statement for the year ended March 31, 20Y5.

The financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?

Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $120,200   Gerri Faber, Drawing $72,000 Accounts Receivable 326,200   Sales 4,344,900 Merchandise Inventory 365,300   Cost of Merchandise Sold 2,546,100 Estimated Returns Inventory 14,450   Sales Salaries Expense 716,000 Office Supplies 11,300   Advertising Expense 196,900 Prepaid Insurance 8,800   Depreciation Expense—Store Equipment 38,400 Office Equipment 264,500   Miscellaneous Selling Expense 16,800 Accumulated Depreciation—Office Equipment 179,700   Office Salaries Expense 390,900 Store Equipment 825,600   Rent Expense 57,700 Accumulated Depreciation—Store Equipment 264,500   Insurance Expense 17,900 Accounts Payable 183,000   Depreciation Expense—Office Equipment 28,900 Customer Refunds Payable 28,900   Office Supplies Expense 10,600 Salaries Payable…