Instructions On March 31, 2019, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows $163,800 740.900 Accounts Receivable Accumulated Depreciation Building Administrative Expenses Building 526,350 2,507,600 Cash 186 150 Common Stock 304.450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Instructions 1,022,600 238,600 Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable 19,050 1,267,250 7,700 Sales 6,264,600 735,850 Selling Expenses Store Supplies 86,750 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 Final Question B. What is a major advantage of the multiple-step income statement over the single-step income statement? O The multiple-step income statement shows the relationship of gross profit to sales. The multiple-step income statement is less complex to prepare O The multiple-step income statement clearly presents the value of total expenses The multiple-step income statement clearly presents the value of total revenues