Counting Crows Inc. provided the following information for the year 2017. Retained earnings, January 1, 2017

Retained earnings, January 1, 2017 $ 600,000

Administrative expenses 240,000

Selling expenses 300,000

Sales revenue 1,900,000

Cash dividends declared 80,000

Cost of goods sold 850,000

Loss on discontinued operations 110,000

Rent revenue 102,700

Unrealized holding gain on available-for-sale securities 17,000

Income tax applicable to continuing operations 187,000

Income tax benefit applicable to loss on discontinued operations 60,500

Income tax applicable to unrealized holding gain on available-for-sale securities 2,000

Required:

Explain how a multiple-step income statement format can provide useful information to a financial statement user