I don't understand exactly what would be the difference if it says "Prepare the Income Statement (Multiple Step Format) & Balance Sheet (Classified Format)

North Star Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 200,000 15,000 $ 1,000 48,000 2,000 275,000 180,000 355,000 195,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciation - Equipment Building Accumulated Deperclation - Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Spar $ 0.01 APIC Retained Earnings Dividends Sales Revenue COGS Selling Expenses Administrative Expenses Rent Revenue Gain on Sale of Equipment Interest Expense Loss due to Storm Damage Income Tax Expense 29,500 4,500 125,000 1,000 145,000 84,000 1,300,000 293,000 245,000 286,000 15,000 5,000 9,000 7,000 75,000 2,085,000 $ $ 2,085,000