EX 6-25 Multiple-step income statement OBJ. 4 On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 20 Y4. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements. EX 6-29 Closing entries; net income Based on the data presented in Exercise 6-25, journalize the closing entries