On March $31,2019,$ the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:a$.$Prepare a multiple$-$step income statement for the year ended March $31,2019.$b$.$What is a major advantage of the multiple$-$step income statement over the single$-$step income statement?.$$

On March $31,2019,$ the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:

$\backslash$table$[[$Accumulated Depreciation$-$Building,$$300,000,$Merchandise Invent$],[$Administrative Expenses,$216,000,$Notes Payable$],[$Building$,1,000,000,$Office Supplies$],[$Cash$,70,000,$Salaries Payable$],[$Cost of Merchandise Sold,$1,520,000,$Sales$],[$Interest Expense,$4,000,$Selling Expenses$],[$thy Melman, Capital,$634,800,$Store Supplies$],[$Kathy Melman, Drawing,$70,000,]]$

a$.$ Prepare a multiple$-$step income statement for the year ended March $31,2019.$

Racine Furnishings Company

Income Statement

For the Year Ended March $31,2019$

$

Gross profit

$

Expenses:

$$ $

$$

$$

Total expenses

$$

$$

Other expense:

$$

$$

$$ $

$$

$$

$$

$ $q,$

$$

b$.$ What is a major advantage of the multiple$-$step income statement over the singlestep income statement?

$$