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BOOK Show Me How IE Exhibit Printem Multiple-Step Income Statement On March 31, 2089, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $1,027,700 Accumulated Depreciation-Building 716,250 Notes Payable 290,400 Administrative Expenses 528,250 Office Supplies 20,350 Building 2,426,600 Retained Earnings 1,243,750 Cash 168,450 Salaries Payable 7.900 Common Stock 295,800 6,395,550 Cost of Goods Sold 3,635,150 Selling Expenses 749,000 Dividends 178,050 Store Supplies 91,000 Interest Expense 10,400 Sales a. Prepare a multiple-step Income statement for the fiscal year ended March 31, 2089. Royal Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses: (Previous Check My Work Royal Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses: Total expenses Other expense: od 00 b. What is a major advantage of the multiple-step income statement over the single-step income statement? Check My Work