Multiple-Step Income Statement Instructions Labels and Amount Descriptions Income Statement Final Question 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 $740,900 526,350 Administrative Expenses Building 2.507,600 Cash 180,350 Cost of Merchandise Sold 3,941,800 Interest Expense 10,500 Kathy Melman, Capital 1,611,350 Kathy Melman, Drawing 170,000 Merchandise Inventory 971,350 Notes Payable 250,200 Office Supplies 20,950 Salaries Payable 7,850 Sales 6,663,950 Selling Expenses Store Supplies 741,050 93,000 Required: a. 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 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: Net loss should be negative. Expenses should be positive. A colon () will automatically appear if it is required b. What is a major advantage of the multiple-step income statement over the single-step income statement?