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 $932,450 Accumulated Depreciation--Building 730,500 Notes Payable 273,000 Administrative Expenses 546,400 Office Supplies 19,400 Building 2,538,150 Retained Earnings 1,316,750 Cash 171,550 Salaries Payable 8,350 Common Stock 313,350 Sales 6,434,400 Cost of Goods Sold 3,638,050 Selling Expenses 692,700 vidends 179,650 Store Supplies 92,500 Interest Expense 9,800