Multiple-Step Income Statement 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 $766,550 Merchandise Inventory Administrative Expenses 528,850 Notes Payable Building 2,515,100 Office Supplies Cash 174,200 Salaries Payable Cost of Merchandise Sold 3,696,700 Sales Interest Expense 10,000 Selling Expenses Kathy Melman, Capital 1,560,300 Store Supplies Kathy Melman, Drawing 182,300 a. Prepare a multiple-step income statement for the year ended March 31, 20Y4. Danns Furnishings Company Income Statement For the Year Ended March 31, 20Y4 Sales Gross profit Expenses: Total expenses Other expense: 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, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation Building $766,550 Merchandise Inventory Administrative Expenses 528,850 Notes Payable Building 2,515,100 Office Supplies Cash 174,200 Salaries Payable Cost of Merchandise Sold 3,696,700 Sales Interest Expense 10,000 Selling Expenses Kathy Melman, Capital 1,560,300 Store Supplies Kathy Melman, Drawing 182,300 a. Prepare a multiple-step income statement for the year ended March 31, 20Y4. Danns Furnishings Company Income Statement For the Year Ended March 31, 20Y4 Sales Gross profit Expenses: Total expenses Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement