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	$746,350
Administrative Expenses	515,750
Building	2,419,500
Cash	168,150
Cost of Merchandise Sold	3,900,350
Interest Expense	9,750
Kathy Melman, Capital	1,585,350
Kathy Melman, Drawing	180,400
Merchandise Inventory	941,750
Notes Payable	261,150
Office Supplies	21,000
Salaries Payable	7,850
Sales	6,627,450
Selling Expenses	710,900
Store Supplies	93,650

	Required:
a.	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 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.
b.	What is a major advantage of the multiple-step income statement over the single-step income statement?

Labels and Amount Descriptions Labels For the Year Ended March 31, 2019 March 31, 2019 Expenses Other expense Amount Descriptions Gross proft Income from operations Net income Net loss Total assets Total liabilities Total Expenses Total owner's equity