Instructions X Income Statement X Final Question On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: B. What is a major advantage of the multiple-step income statement over the single-step income statement? Accounts Receivable $ 170,000 Labels and Amount Descriptions A. Prepare a multiple-step income statement for the year ended March 31, 2018. 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. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign The multiple-step income statement clearly presents the value of total expenses. 750,000 Accumulated Depreciation-Building Administrative Expenses 435.000 The multiple-step income statement is less complex to prepare. Building 3.500.000 Labels For the Year Ended March 31, 2018 March 31, 2018 Operating expenses The multiple-step income statement clearly presents the value of total revenues. Cash 80,000 Royal Furnishings Company Common Stock 300,000 O The multiple-step income statement shows the relationship of gross profit to sales. Other revenue and expense Income Statement Cost of Goods Sold 5,500,000 Amount Descriptions (Label) ) 175,000 Gross profit 1 15,000 980.000 Income from operations 2 Net income Dividends Interest Expense Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable 3 250,000 20,000 Net loss 4 Label) Total assets 1,987,000 5 Total liabilities 8,000 6 Sales 8,245,000 Total operating expenses 7 Selling Expenses 575,000 Total stockholders' equity 8 Store Supplies 90.000 9 (Label) a 10 11 A. Prepare a multiple-step income statement for the year ended March 31, 2018. 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 (1) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. B. What is a major advantage of the multiple-step income statement over the single-step income statement