OBJ.4 EX 6-25 Multiple-step income statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing Accumulated Depreciation-Building 300,000 216,000 1,000,000 70,000 1,520,000 4,000 634,800 70,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $392,000 100,000 8,000 3,200 2,564,000 286,000 36,000 Chapter 6 Accounting for Merchandising Businesses 327 a. Prepare a multiple-step income statement for the year ended March 31, 2019 Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements