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: Inventory Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building Cash Common Stock Cost of Goods Sold Dividends $170,000 772,650 513,300 2,409,100 170,950 309,300 Notes Payable Office Supplies Retained Earnings Salaries Payable Sales $986,700 290,050 19,600 1,280,150 8,050 3,696,800 175,700 10,000 Selling Expenses Store Supplies 6,600.750 699,750 88,400 Interest Expense a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal Furnishings Company Exhibit Calculator 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 6,600,750 "Cost of goods sold 3,696,800 2,903,950 Gross profit Expenses: Selling expenses 699,750 Administrative expenses 513,300 Total expenses 1,213,050 Operating income 3.690,900 Other expense: Interest expense 10.000 Net income $ 1.680.900