PRESTIGE FURNISHINGS COMPANY Income Statement For the Year Ended October 31, 2016 Sales Cost of merchandise sold Gross profit Expenses: \begin{tabular}{|l|} \hline Selling expenses \\ \hline Administrative expenses \\ \hline \end{tabular} Total expenses Income from operations Other expense: Interest expense Net income b. (Key essay answer here) EX 6-23 Multiple-step income statement On October 31,2016 , the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended October 31,2016. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements