Labels and Amount Descriptions Income Statement Instructions On March 31, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture Wholesaler, are as follows Accumulated Depreciation-Building $758,050 Administrative Expenses 522,950 Building 2.558 950 Cash 182.150 3.721.150 10,150 Cost of Merchandise Sold Interest Expense Kathy Melman Capital Kathy Melman Drawing 1.611,550 170.800 Merchandise Inventory 938, 100 255,400 19.050 Notes Payable Office Supplies Salaries Payable Sales 8.000 6.101,750 700.950 Sesing Expenses Store Supplies 92.800 Check My Work Previous Instructions Income Statement 8. Prepare a multiple-step income statement for the year ended March 31, 2014. Be sure to complefe the statement heading Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example Netloss shouid be negative Experises should be positive. A colon () will automatically appear if it is required Danns Furnishings Company Income Statement (Labah Check My Work Previous Instructions Income Statement Final Question ac b. What is a major advantage of the multiple-step income statement over the single-step income statement? sh The multiple-step income statement is less complex to prepare The multiple-step income statement clearly presents the value of total revenues: The multiple-step income statement clearly presents the value of total expenses The multiple-step income statement shows the relationship of gross profit to sales Decky Work Prey Suhan sent