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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 $170,000 Inventory $988,250 Accumulated Depreciation-Building 777,350 Notes Payable 293,500 19,000 Administrative Expenses 518,900 Office Supplies Building 2,412,250 Retained Earnings 1,335,300 Cash 180,350 Salaries Payable 7,650 Common Stock 307,500 Sales 6,696,450 Cost of Goods Sold 3,960,250 Selling Expenses 680,850 Dividends 176,350 Store Supplies 94,150 Interest Expense 10,300 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 Gross profit Expenses: Total expenses Other expense: 100 00 b, What is a major advantage of the multiple-step income statement over the single-step income statement? Check My Work All work saved