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On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:
Accounts Receivable: $170,000
Accumulated Depreciation-Building:$756,950
Administrative Expenses: $991,400
Building:$262,600- Cash: $540,200
Common Stock:$19,000
Cost of Goods Sold: $2,415,900
Dividends:$1,314,900
Interest Expense: $169,750
Inventory:$7,600
Notes Payable: $307,400
Office Supplies:$6,615,250
Retained Earnings: $3,829,850
Salaries Payable:$686,000
Sales: $168,950
Selling Expenses:$93,800
Store Supplies: $9,950
a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9.
b. What is a major advantage of the multiple-step income statement over the single-step income statement?
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