=+. Compare the major advantages and disadvantages of the multiple-step and singlestep forms of income statements.

Frazee Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order below.

Accounts Payable Accounts Receivable Accumulated Depreciation—Office Equipment Accumulated Depreciation—Store Equipment Advertising Expense Cash Cost of Merchandise Sold Delivery Expense Depreciation Expense—Office Equipment Depreciation Expense—Store Equipment Income Summary Insurance Expense Interest Expense Jim Frazee, Capital Jim Frazee, Drawing Land Merchandise Inventory