On March 31,20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a fumiture store, are as follows: A Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading 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 cboices for text entries. A colon () will automatically appear if it is required For those boxes in which you must enter subtracted or negative numbers use a minus sign. B. What is a mojor advantage of the multiple-step income statement over the single-step income statement? Labels and Amount Descriptions Labels Expenses For the Year Ended March 31, 20 Y9 March 31, 20Y9 Other revenue and expense Amount Descriptions Gross profit Net income Net loss Operating income Total assets Total liabilities Total expenses Total stockholders' equity xome Statoment Fival Furvaheres Conchary Nocme Sexterata Intowl 8. What is a major advantage of the multiple-step income statement over the single-step income statement? The multiple-step income statement shows the relationship of gross profit to sales The multiple-step income statement clearly presents the value of total expenses The multiple-step income statement clearly presents the vatue of totat revenues The multiple-step income statement is less complex to prepare