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: $170,000 Accounts Receivable $1,026,650 Inventory Accumulated Depreciation-Building 757,650 Notes Payable 322,750 Administrative Expenses 542,500 Office Supplies 19,400 Building 2,555,250 Retained Earnings 1,341,100 177,100 Cash 8,100 Salaries Payable Common Stock 313,850 Sales 6,547,850 3,930,000 Cost of Goods Sold 749,950 Selling Expenses 177,550 Dividends 92,300 Store Supplies Interest Expense 9,900 a. Prepare a multiple step income statement for the fiscal year ended March 31, 2019 Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 6,547.350 Sales 3,930,000 Cost of goods sold 2.617,RSO Gross profit Expenses Selling expenses Previous Next > Submit Test for Grading Calculator Cost of Goods Sold Dividends 3,930,000 177,550 9,900 Selling expenses Store Supplies 749,950 92,300 Interest Expense 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, 2019 Sales $ 6,547,850 Cost of goods sold -3,930,000 2,617,850 Gross profit Expenses: Selling expenses 749,950 Administrative expenses 542,500 Total expenses -1,291,950 Operating income Other expense: Interest expense -9,900 Net Income b. What is a major advantage of the multiple-step income statement over the single-step income statement? All work saved. Submit Test for Grading