Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal year anded March 1, 2019 Royal Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses tore Supplier Interest Expense 10,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 209. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 Gross profit Expenses: Total expenses Other expenses b. What is a major advantage of the multiple-step income statement over the single-step income statement Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal year anded March 1, 2019 Royal Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses tore Supplier Interest Expense 10,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 209. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 Gross profit Expenses: Total expenses Other expenses b. What is a major advantage of the multiple-step income statement over the single-step income statement