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On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...

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

Accumulated Depreciation-Building $740,950
Administrative Expenses 544,400
Building 2,512,350
Cash 180,950
Cost of Merchandise Sold 3,957,700
Interest Expense 9,950
Kathy Melman, Capital 1,629,600
Kathy Melman, Drawing 175,450
Merchandise Inventory 938,750
Notes Payable 245,000
Office Supplies 20,500
Salaries Payable 7,750
Sales 6,634,950
Selling Expenses 733,400
Store Supplies 87,150
Required:
a.

Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount

Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
b. What is a major advantage of the multiple-step income statement over the single-step income statement?
Labels
For the Year Ended March 31, 2019
March 31, 2019
Operating expenses
Other revenue and expense
Amount Descriptions
Gross profit
Income from operations
Net income
Net loss
Total assets
Total liabilities
Total operating expenses
Total owner’s equity
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