Multiple-step income statement Instructions Labels and Amount Descriptions Income Statement Instructions On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furma Accumulated Depreciation-Building $740,950 Administrative Expenses 544,400 Building 2,512,350 Cash 180,950 Cost of Merchandise Sold 3,957,700 Interest Expense 9,950 Kathy Melman, Capital 1,629,600 Kathy Melman, Drawing 175,450 Merchandise Inventory 938,750 Notes Payable 245,000 Office Supplies 20,500 Salaries Payable 7,750 Sales 6,634,950 Selling Expenses 733,400 Multiple-step income statement Instructions Labels and Amount Descriptions Income Statement Instructions Kathy Melman, Capital 1,629,600 Kathy Melman, Drawing 175,450 Merchandise Inventory 938,750 Notes Payable 245,000 Office Supplies 20,500 Salaries Payable 7,750 Sales 6,634,950 Selling Expenses Store Supplies 733,400 87,150 Required: a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Rea 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 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? Multiple-step income statement Instructions Labels and Amount Descriptions Income Statement Instructions Labels and Amount Descriptions Income Statement Shaded cells have feedback. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. 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 expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign Question not attempted. Racine Furnishings Company Score: 0/97 Income Statement (Label)