Usterman Company $8,220,000 $735,000 Snyder Co. Cost of goods sold Gross profit $157,850 42,150 110,000 44,500 15,500 2,300,000 EX 5-24 Multiple-step income statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Obj. 3 Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building Cash Common Stock Cost of Goods Sold Dividends Interest Expense s170,000 Inventory S980,000 250,000 20,000 1,987,000 8,000 8,245,000 575,000 90,000 750,000 435,000 Office Supplies 3,500,000 Retained Earnings Notes Payable 80,000 Salaries Payable 300,000 Sales 5,500,000 Selling Expenses 175,000 Store Supplies 15,000 Compare the major advantages and disadvantages of the multiple-step and single Obj . Prepare a multiple-step income statement for the year ended March 31, 2018. step forms of income statements. X 5-25 Multiple-step income statement e following income statem ugust 31, 2018: ent for Curbstone Company was prepared for the year ende Curbstone Company