1. Multiple-Step Income Statement
2. On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
4. Accumulated DepreciationBuilding$719,700Merchandise Inventory$990,300Administrative Expenses556,350Notes Payable255,350Building2,574,200Office Supplies19,750Cash181,050Salaries Payable7,900Cost of Merchandise Sold3,855,900Sales6,304,000Interest Expense9,900Selling Expenses709,950Kathy Melman, Capital1,620,550Store Supplies89,700Kathy Melman, Drawing176,150
5. a.do a multiple-step income statement for the year ended March 31, 20Y4.
6. Danns Furnishings CompanyIncome StatementFor the Year Ended March 31, 20Y4
8. $
9. fill in the blank 6181def41049031_2
12. fill in the blank 6181def41049031_4
13. Gross profit$
14. fill in the blank 6181def41049031_5
15. Expenses:
17. $
18. fill in the blank 6181def41049031_7
21. fill in the blank 6181def41049031_9
22. Total expensesfill in the blank 6181def41049031_10
25. $
26. fill in the blank 6181def41049031_12
27. Other expense:
29. fill in the blank 6181def41049031_14
32. $
33. fill in the blank 6181def41049031_16
34. b.What is a major advantage of the multiple-step income statement over the single-step income statement?

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