Long Quiz 5 Calculator 1. EX.05.27.ALGO Multiple-Step Income Statement On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: 2. EX.05.14.ALGO Accounts Receivable $170,000 Inventory $939,150 3. EX.05.42 721,200 313,450 Accumulated Depreciation-Building Administrative Expenses Notes Payable Office Supplies 562,800 20,000 Building 2,519,600 1,308,900 Retained Earnings Salaries Payable Cash 183,300 7,750 Common Stock 288,850 Sales 6,550,750 Cost of Goods Sold 3,718,900 734,650 Selling Expenses Store Supplies Dividends 176,000 88,750 Interest Expense 10,500 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 Sales Gross profit $ Expenses: Total expenses Other expense: Net income b. What is a major advantage of the multiple-step income statement over the single-step income statement