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

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.

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Adminstrative Expenses S 250,000 Office Supplies Building Capital Stock Cash Cost of Merchandise Sold S 1,400,000 Sales Discount Dividends Interest Expense 21,200 S 937,600 6,000 S 2,550.000 40,000 S 50.000 Sales Returns and allowances S 160.000 S 410,000 15,400 1.025.000 Retained Eanings S 1.025.000 Retained Earnings S 200,000 Salaries payable S 97.000 Sales S 15,000 Seling Expenses S 260,000 Store Supplies Notes Payable S 59,000