On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building	$758,050
Administrative Expenses	522,950
Building	2,558,950
Cash	182,150
Common Stock	308,650
Cost of Merchandise Sold	3,884,500
Dividends	173,800
Interest Expense	9,500
Merchandise Inventory	1,008,800
Notes Payable	250,600
Office Supplies	20,200
Retained Earnings	1,349,550
Salaries Payable	7,750
Sales	6,243,700
Selling Expenses	733,950
Store Supplies	94,450

	Required:
A.	Prepare a multiple-step income statement for the year ended October 31, 2016. 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 choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and 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?

A. Prepare a multiple-step income statement for the year ended October 31, 2016. 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 choices for text entries. A colon () will automatically appear if it is required. In the other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. Prestige Furnishings Company Income Statement For the Year Ended October 31, 2016 Label) Label)