Labels and amount descriptions Labels Expenses For the Year Ended March 31, 2044 March 31, 2014 Other expense Revenues Amount Descriptions Gross profit Income from operations Net income Net loss Total expenses Total assets Total liabilities Total owner's equity 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 S419,000 Administrative Expenses 302,000 Building 1.397,000 Cash 98,000 Cost of Merchandise Sold 2,123,000 Interest Expense 6,000 Kathy Melman, Capital 887.000 Kathy Melman, Drawing 98,000 Merchandise Inventory 547,000 Notes Payable 140,000 Office Supplies 11,000 Salaries Payable 4,000 3,582,000 Selling Expenses 400,000 Store Supplies 50,000 Required: Prepare a multiple-step income statement for the year ended March 31, 20Y4. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of a text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon () will automatically appear if it is required. Sales Prepare a multiple-step income statement for the year ended March 31, 2014 Be sure to complete the statement heading Refer to the account names in Nsts of Labels and Amount Descriptions for the exact wording of text entries Enter amounts as positive numbers unless the amount is a calculation that result For example: Nor loss should be negative Expenses should be positive. A colon () will automatically appear if it is required. Danes Furnishings Company Income Statement For the Year Ended March 31, 2014 1 Sales $3,582,000.00 7 Cost of merchandise sold 2.125,000.00 51,459,000.00 $400,000.00 302,000.00 5 Gross profit Expenses Selling expenses 6 Administrative expenses Total expenses Income from operations Other expense 10 Interest expense 6,000.00 11 Net income