Multiple-Step Income Statement On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $1,009,150 Accumulated Depreciation--Building 719,450 Notes Payable 262,650 Administrative Expenses 546,050 Office Supplies 20,450 Building 2,425,900 Retained Earnings 1,345,550 Cash 170,450 Salaries Payable 7,700 Common Stock 286,850 Sales 6,538,500 Cost of Goods Sold 3,989,850 Selling Expenses 709,450 Dividends 177,150 Store Supplies 92,950 Interest Expense 9,600 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 Sales Cost of goods sold Gross profit Expenses Selling expenses Administrative expenses 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 Sales Cost of goods sold Gross profit Expenses: Selling expenses Administrative expenses Total expenses Operating Income Other expense: Interest expense Net income b. What is a major advantage of the multiple-step income statement over the single-step income statement