On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $ 170,000 Accumulated Depreciation-Building 750,000 Administrative Expenses 435,000 Building 3,500,000 Cash 80,000 Common Stock 300,000 Cost of Goods Sold 5,500,000 Dividends 175,000 Interest Expense 15,000 Instructions Labels and Amount Descriptions Expenses Retained Earnings 1,987,000 Salaries Payable 8,000 For the Year Ended March 31, 2049 Sales 8,245,000 March 31, 2049 Selling Expenses 575,000 Other revenue and expense Store Supplies 90,000 Amount Descriptions Gross profit A. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Be sure to complete the Net income information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact word entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracte Net loss Operating income minus sign. Total assets B. What is a major advantage of the multiple-step income statement over the single-step income statement? Total liabilities Total expenses