Question

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Cash $ 245,100 Accounts Receivable 971,100 Merchandise Inventory 1.786,300 Estimated Returns Inventory 22,500 Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable .827,700 362,600 Customer Refunds Payable Salaries Payable Note Payable (final payment due 2022) Kristina Marble, Capital Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment 22,500 40,800 288,000 3,464,100 104,200 11,442,000 7,846,400 922,900 542,700 146,100

Answer 1

clairemont Company • Income Statement for the year Ended may 31,2019 Sales $11,448,000 Cost a merchandise sold $7,846, 400 Gross profit $3,595.600 Ex penses's Selling expenses's Sales Salosies expense $922,900 Advertising Expense $ 542,700 Depreciation Expense – Store Equip. 1$ 146,100 miscellaneous Selling expense $47.000 Todal Selling Sepersses $1,658,700 Advertministrasetine Expensejo Office Sabories Expense $658,600 Recet. Suspense $98,800 Insurance Expense 4 49,500 Depreciation Expense- gthe equip. $ 47,000 offfice Suppenes Expense $ 18,500 miscellanows Administrative carp. 1$ 18,300 Total Administrative expenses $890,700 42549 400 Total ofmeting Expenses $9549400 Income from operations $1,046,200 ather Slenses - Anterest raponse 529,200 Net name $1,017,000

$3,464,100 Stakment of owner's EQuity for the year anded may 31, 2019 Kristina Maoble, Capital Net Income for the year $ 1017000 Withdrawals (Drawing $ 104,200 Increase in owner's Equity Kristina, Marble , Capital May 31, 2019 0912,800 $4376900

Balome Sheet $245, 100 $ 371,100 $1,786,300 $ 22,500 $ 15, 200 $3,400 $3043600 B Assets Casoent Assets - Cash Mccounts receivable Merchandise goventory Estimated actions oriuntony office Supplies Prepaid Insusance Total current Assets Property, plant and equipments office equipment Lego Alcymyleted Depreciation Store Equipment Lessy Accumulated Depreciatón total proferty, plaut Sequipment Total Assets 14836,100. (559,400) $276,700 3598200 |(18227,700) 41770,500 (1827,700) | $2047200 $5090 800

गे Liabilities: cussent Liabilities, Decounts payable Customer se funds payable Sqlassics payable More payable (current for Hons) Todal Clussent abilities Long term hiagilities Notes payable (final paymeul due 4822) Todal Liabilities owner's Ewity's Kristina Maoble, capited $360,600 $ 40, 500 40.800 $ 46,000 $471,900 $249,000 8713,900 $4376900 To feel Liabilities and owner's $5090800 Equity I multiple-step: