Multiple-Step Income Statement On March 31, 209, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $1,009,100 Accumulated Depreciation-Building 750,750 Notes Payable 266,000 Administrative Expenses 547,100 Office Supplies 20,800 Building 2,482,600 Retained Earnings 1,329,050 Cash 178,350 Salaries Payable 7,800 Common Stock 303,250 Sales 6,595,550 Cost of Goods Sold 3,800,350 Selling Expenses 684,350 Dividends 178,400 Store Supplies 91,250 Interest Expense 9,800 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 TO SCOTT JUPPIES Interest Expense 9,800 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 Cost of goods sola 9 Gross profit Expenses: Selling expenses Administrative expenses Total expenses Net income Other expense: Administrative expenses DO DO b. What is a major advantage of the multiple-step income statement over the single-step Income statement