E4-18 Multiple-step income statement Obj. 7 On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daugh- a. Net income: ters Inc. are as follows: $4,855,000 Administrative Expenses Accumulated Dep.-Building Building Common Stock Cash Cost of Goods Sold Dividends Interest Expense $ 9 50,000 4,000,000 19,000,000 1,000,000 2,970,000 Inventory Notes Payable Office Supplies Retained Earnings $ 800,000 900,000 50,000 12,365,000 17,850,000 1,650,000 150,000 Sales 1035000 Selling Expenses Store Supplies 200,000 45,000 a. Prepare a multiple-step income statement for the year ended March 31, 20Y5 Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements. b