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 945,400 Accumulated Depreciation-Building 770,000 Notes Payable 323,850 Administrative Expenses 524,550 Office Supplies 20,900 Building 2,479,400 Retained Earnings 1,345,650 Cash 179,600 Salaries Payable 7,650 Common Stock 314,800 Sales 6,119,800 Cost of Goods Sold 3,966,200 Selling Expenses 690,250 Dividends 181,000 Store Supplies 90,550 Interest Expense 9,900 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 Sales Cost of merchandise sold Gross profit Expenses: Dividends 181,000 Store Supplies Interest Expense 90,550 9,900 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 Sales Cost of merchandise sold Gross profit Expenses: Selling expenses Administrative expenses Total expenses Income from operations Other expense: Interest expense Net Income b. What is a major advantage of the multiple-step income statement over the single-step income statement