Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: $170,000 Inventory 1,015,100 310,250 738,350 Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building 543,350 2,393,550 Notes Payable Office Supplies Retained Earnings Salaries Payable Cash 170,150 19,450 1,260,750 8,400 6,729,150 706,350 87,500 Common Stock 311,000 Sales Cost of Goods Sold Dividends 3,910,700 176,100 10,200 Selling Expenses Store Supplies Interest Expense a. Prepare a multiple-step income statement for the year ended March 31, 2018 Royal Furnishings Company Income Statement For the Year Ended March 31, 2018 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 Check My Work Previous Submit Assignment for Grading