On March 31, 2010, the balances of the accounts appearing in

On March 31, 2010, the balances of the accounts appearing in the ledgers of EI Dorada Furnishings Company, a furniture wholesaler, are as follows:


On March 31, 2010, the balances of the accounts appearing in


Required
(a) Prepare a multiple-step Income Statement for the year ended March 31, 2010.
(b) Compare the major advantages and disadvantages of the multiple-step and single - step forms of incomestatement.