Question
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for...
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
-------Labels
Current assets
Current liabilities
For the Year Ended May 31, 2019
Long-term liabilities
May 31, 2019
Expenses
Other expense
Property, plant, and equipment
--------Amount Descriptions
Gross profit
Income from operations
Increase in owner’s equity
Kristina Marble, capital, June 1, 2018
Kristina Marble, capital, May 31, 2019
Withdrawals
Net income
Net income for the year
Net loss
Total administrative expenses
Total assets
Total current assets
Total current liabilities
Total liabilities
Total liabilities and owner’s equity
Total Expenses
Total property, plant, and equipment
Total selling expenses
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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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for...
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
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Kristina Marble, Drawing...
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Retained Earnings
569,100
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392,500
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Administrative Expenses
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Merchandise Inventory
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Administrative Expenses
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Notes Payable
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Office Supplies
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173,200
Salaries Payable
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Store Supplies
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Accounts Receivable
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Notes Receivable
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Estimated Returns Inventory
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