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 Accounts Receivable $170,000 Inventory 987,550 Accumulated DepreciationBuilding 737,500 Notes Payable 305,250 Administrative Expenses 520,750 Office Supplies 20,700 Building 2,515,100 Retained Earnings 1,278,950 Cash 169,050 Salaries Payable 7,950 Common Stock 314,050 Sales 6,187,800 Cost of Goods Sold 3,714,250 Selling Expenses 689,250 Dividends 171,850 Store Supplies 91,600 Interest Expense 9,600 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

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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  Accounts Receivable $170,000 Inventory 987,550 Accumulated DepreciationBuilding 737,500 Notes Payable 305,250 Administrative Expenses 520,750 Office Supplies 20,700 Building 2,515,100 Retained Earnings 1,278,950 Cash 169,050 Salaries Payable 7,950 Common Stock 314,050 Sales 6,187,800 Cost of Goods Sold 3,714,250 Selling Expenses 689,250 Dividends 171,850 Store Supplies 91,600 Interest Expense 9,600 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

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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

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Accounts Receivable	$170,000	Inventory	987,550
Accumulated DepreciationBuilding	737,500	Notes Payable	305,250
Administrative Expenses	520,750	Office Supplies	20,700
Building	2,515,100	Retained Earnings	1,278,950
Cash	169,050	Salaries Payable	7,950
Common Stock	314,050	Sales	6,187,800
Cost of Goods Sold	3,714,250	Selling Expenses	689,250
Dividends	171,850	Store Supplies	91,600
Interest Expense	9,600

Royal Furnishings Company
Income Statement
For the Year Ended March 31, 2018
		$

Gross profit		$
Expenses:
	$

Total expenses
		$
Other expense:

		$