help me finish this today please!! The following selected accounts and their cur
ID: 2405639 • Letter: H
Question
help me finish this today please!!
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:
**USING THESE LABELS ONLY**
Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018 Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) $ 232,700 957,000 1,668,600 21,300 15,600 18,000 827,000 556,000 3,594,800 1,827,100 361,900 43,400 41,900 296,000Explanation / Answer
Clairmont Company Income Statement For the month ended May 31, 2018 Sales 1,14,03,800 Cost of Goods Sold 78,42,100 Gross Profit 35,61,700 Operating expenses: Selling Expenses: Sales salaries Expense 9,23,100 Advertising Expense 5,40,500 Miscellaneous selling Expense 37,800 Depreciation Expense -Store Equipment 1,34,900 Total Selling Expenses 16,36,300 Administrative Expenses : Office salaries Expense 6,64,400 Rent Expense 1,01,000 Depreciation Expense -Office Equipment 45,900 Insurance Expense 42,700 Office Supplies Expense 31,800 Miscellaneous administrative Expense 7,100 Total administrative Expenses 8,92,900 Total Operating Expenses 25,29,200 Income from Operations 10,32,500 Other revenue and expenses: Interest Expense -11,800 Dividends 99,900 Net income 11,20,600
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