Instructions Labels and Amount Descriptions Income Statement Final Question 1 Instructions On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $160,250 742,600 Accumulated Depreciation-Building Administrative Expenses Building 515,600 2,552,350 Cash 183,850 Common Stock 295,050 Cost of Goods Sold 3,903,350 Dividends 185,250 Interest Expense 10,200 1,000,900 254,900 Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable 20,350 1,315,950 8,050 Sales 6,618,600 Selling Expenses 706,050 Store Supplies 86,700 A. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (-) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign B. What is a major advantage of the multiple-step income statement over the single-step income statement? Labels and Amount Descriptions Labels Expenses For the Year Ended March 31, 2049 March 31, 2019 Other revenue and expense Amount Descriptions Amount Descriptions Gross profit Net income Net loss Operating income Total assets Total liabilities Total expenses Total stockholders' equity Income Statement A. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (-) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Royal Furnishings Company Income Statement (Label) 1 2 3 4 Label) un 6 7 8 9 (Label) 10 11 Final Quontion