Administrative Expenses Building Capital Stock Cash E4-9 Multiple-step income statement Obj 2 a. Net income: $275,000 On March 31, 2010, the balances of the accounts appearing in the ledger of El Dorado Furnishings Company, a furniture wholesaler, are as follows: $ 250,000 1,025,000 Office Supplies Retained Earnings $ 21,200 937,600 200,000 Salaries Payable 6,000 97,000 Sales 2,550,000 Cost of Merchandise Sold 1,400,000 Sales Discounts 40,000 Dividends 50,000 Sales Returns and Allowances 160,000 Interest Expense 15,000 Selling Expenses 410,000 Merchandise Inventory 260,000 Store Supplies 15,400 Notes Payable 59,000 a. Prepare a multiple-step income statement for the year ended March 31, 2010. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements