On March 31, 20Y5, the balances of the accounts appearing in the ledger of Vibe Tribe Inc are as follows Administrative Expenses $ 295,400 Inventory $ 307,400 Accumulated Dep Building 242,540 Notes Payable 69,600 Building 1,212,700 Office Supplies 24,900 Common Stock 150,000 Retained Earnings 1,196...

a Vibe Tribe Inc Income Statement For the Year Ended March 31 2 ...

On March 31, 20Y5, the balances of the accounts appearing in the ledger of Vibe Tribe Inc.

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Question:

On March 31, 20Y5, the balances of the accounts appearing in the ledger of Vibe Tribe Inc. are as follows:

Administrative Expenses	$ 295,400	Inventory	$ 307,400
Accumulated Dep. - Building	242,540	Notes Payable	69,600
Building	1,212,700	Office Supplies	24,900
Common Stock	150,000	Retained Earnings	1,196,200
Cash	115,000	Sales	3,012,500
Cost of Goods Sold	1,656,400	Selling Expenses	484,900
Dividends	58,900	Store Supplies	18,500
Interest Expense	17,800

a. Prepare a multiple-step income statement for the year ended March 31, 20Y5.

Enter account decreases and cash outflows as negative amounts.

b. Disadvantages of a single-step form of income statement includes all of the following except:

Gross profit is not reported. Income from operations is not reported. Total revenues and total expenses are not indicated. All of the above are disadvantages of a single-step income statement.