Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $980,000 Accumulated Depreciation-Building 750,000 Notes Payable 250,000 Administrative Expenses 435,000 Office Supplies 20,000 Building 3,500,000 Retained Earnings 1,987,000 Cash 80,000 Salaries Payable 8,000 Common Stock 300,000 Sales 8,245,000 Cost of Goods Sold 5,500,000 Selling Expenses 575,000 Dividends 175,000 Store Supplies 90,000 Interest Expense 15,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 Gross profit Expenser: 575,000 90,000 Common SLUCK Cost of Goods Sold Dividends Interest Expense 5,500,000 Selling Expenses 175,000 Store Supplies 15,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 Gross profit Expenses: Total expenses Other revenue and expense: . What is a major advantage of the multiple-step income statement over the single-step income statement