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

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

b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.

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$ 475,000 $ 400,000 Administrative Expenses Accumulated Dep.-Building Building Inventory Notes Payable Office Supplies Retained Earnings 2,000,000 450,000 9,500,000 25,000 Common Stock 500,000 6,182,500 Cash 1,485,000 Sales 8,925,000 Selling Expenses Store Supplies Cost of Goods Sold 5,175,000 825,000 Dividends 100,000 75,000 Interest Expense 22,500