Multiple-Step Income Statement On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building Cash Common Stock Cost of Goods Sold Dividends Interest Expense $170,000 770,200 Inventory Notes Payable $995,700 312,900 521,900 Office Supplies 19,700 2,460,700 Retained Earnings 1,332,850 166,800 306,000 3,680,150 171,700 10,450 Salaries Payable 7,700 Sales 6,554,500 Selling Expenses 740,550 Store Supplies 86,550 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Royal Furnishings Company Income Statement For the Year Ended March 31, 20Y9 Sales Cost of goods sold Gross profit Expenses: Total expenses Other expense: 7,700 7,700 b. What is a major advantage of the multiple-step income statement over the single-step income statement?