TAL. Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $773,050 Merchandise Inventory $956,150 Administrative Expenses 547,200 Notes Payable 256,950 Building 2,619,100 Office Supplies 20,150 Cash 172,500 Salaries Payable 8,200 Cost of Merchandise Sold 3,810,100 Sales 6,679,300 Interest Expense 9,800 Selling Expenses 737,550 Kathy Melman, Capital 1,565,600 Store Supplies 88,350 Kathy Melman, Drawing 178,300 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, 2015 Gross profit Expenses Total expenses Other expense Previous Next All work saved Emainstor Save and Ext Submit Assignment for Grading MacBook Air > FS FB F9 FIO FIL 512 A % 5 & 7 6 1 0 8 9 delete i Expenses Total expenses Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement? Check My Work F7 F8 F F10 F11 F12 - 6 & 7 8 9 0 Il + - Y U 0 P H J L