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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:

Cash	$ 240,000
Accounts receivable	966,000
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 2024)	300,000
Common stock	500,000
Retained earnings	2,949,100
Dividends	100,000
Sales	11,343,000
Cost of goods 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. CLAIREMONT CO. Income Statement For the Year Ended May 31, 2018 Sales #ERROR! Cost of goods sold #ERROR! Gross profit #ERROR! Expenses: Selling expenses: #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! Total selling expenses #ERROR! Administrative expenses: #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! Total administrative expenses #ERROR! Total operating expenses #ERROR! Income from operations #ERROR! Other revenue and expense: #ERROR! #ERROR! Net income #ERROR! 2. CLAIREMONT CO. Retained Earnings Statement For the Year Ended May 31, 2018 Retained earnings, June 1, 2017 #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! Retained earnings, May 31, 2018 #ERROR! 3. CLAIREMONT CO. Balance Sheet For the Year Ended May 31, 2018 Assets Current assets: #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! Total current assets: #ERROR! Property, plant and equipment: Office equipment #ERROR! #ERROR! #ERROR! #ERROR! Store equipment #ERROR! #ERROR! #ERROR! #ERROR! Total property, plant, and equipment #ERROR! Total assets #ERROR! Liabilities Current liabilities: #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! #ERROR! Total current liabilities: #ERROR! Long-term liabilities: #ERROR! #ERROR! Total liabilities #ERROR! Stockholders' Equity Common stock #ERROR! Retained earnings #ERROR! Total stockholders' equity #ERROR! Total liabilities and stockholders' equity #ERROR!

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