On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:

Accumulated DepreciationBuilding	$753,150		Merchandise Inventory	$943,300
Administrative Expenses	556,150		Notes Payable	255,600
Building	2,563,800		Office Supplies	20,600
Cash	169,000		Salaries Payable	7,750
Cost of Merchandise Sold	3,859,800		Sales	6,528,500
Interest Expense	9,600		Selling Expenses	696,000
Kathy Melman, Capital	1,616,050		Store Supplies	87,950
Kathy Melman, Drawing	175,550

a. Prepare a multiple-step income statement for the year ended March 31, 2019.

Racine Furnishings Company
Income Statement
For the Year Ended March 31, 2019
		$
Gross profit		$
Expenses:
	$
Total expenses
		$
Other expense:
		$

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

Ch 6-3 Print Item On March 31, 2019, the of the Accumulated Merchandise Inventory Notes Payable Office Supplies Salaries Payable $943,300 255,600 20,600 $753,150 556,150 Building Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 169,000 3,859,800 9,600 1,616,050 6,528,500 Selling Expenses 696,000 Income Statement