nstructions On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation Building Administrative Expenses Building Cash Cast of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies S740,900 528,350 2,507,600 180,350 2014 3.941,200 ... 10,500 1,611,350 170,000 971,350 250,200 20,950 ZOEN 7,850 6,663,950 741,050 93,000 Required: a. Prepare a multiple-step income statement for the year ended March 31, 2010. Be sure to complete the heading of the statement. Refer to the Ist of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear Pris required in the other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. b. What is a major advantage of the multiple-step income statement over the single-step income statement? Labels and Amount Descriptions Labels and Amount Descriptions Label For the Year Ended March 31, 2019 March 31, 2019 Operating expenses Other revenue and expense Amount Descriptions Gross profit Income from operations income t loss Total assets Total liabilities Total operating expenses Total Owner's equity Income Statement Income Statement Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required in the other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign Racine Furnishings Company Income Statement Label) 1 8 9 Label Final Question Final Question What is a major advantage of the miniple-step Income statement over the single-step income statement? The multiple step income statement is less complex to prepare. The multiple step income statement clearly presents the value of total expenses. O The multiple-step income statement clearly presents the value of total revenues. The multiple-step income statement shows the relationship of grass profit to sales