come: EX 6-47 Multiple-step Income statement OBJ.8 On February 28, 2014, the balances of the accounts appearing in the ledger of Foldaway Furnishings Company, a furniture wholesaler, are as follows: SHELL Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Lonnie Clemente, Capital Lonnie Clemente, Drawing Merchandise Inventory $ 150,000 Notes Payable 290,000 Office Supplies 1,130,000 Salarles Payable 97,000 Sales 1,641,000 Sales Discounts 29,000 Sales Returns and Allowances 591,000 Selling Expenses 50,000 Store Supplies 260,000 $ 400,000 20,000 6,000 2,850,000 25,000 90,000 300,000 65,000 a. Prepare a multiple-step income statement for the year ended February 28, 2014. b. Compare the major advantages and disadvantages of the multiple- and single-step forms of income statements