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Multiple-Step Income Statement 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 Inventory $995,700 Accumulated DepreciationBuilding 770,200 Notes Payable 312,900 Administrative Expenses 521,900 Office Supplies 19,700 Building 2,460,700 Retained Earnings 1,332,850 Cash 166,800 Salaries Payable 7,700 Common Stock 306,000 Sales 6,554,500 Cost of Goods Sold 3,680,150 Selling Expenses 740,550 Dividends 171,700 Store Supplies 86,550 > Interest Expense 10,450 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Royal Furnishings Company Income Statement For the Year Ended March 31, 20Y9 _ - $- Cost of goods sold ' [:J Gross profit $- Expenses: ' $C] . Q Total expenses [:] ' $:] Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement? v