Reference no: EM132751173
Problem - 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
Accumulated Depreciation-Building 750,000
Administrative Expenses 435,000
Building 3,500,000
Cash 80,000
Common Stock 300,000
Cost of Goods Sold 5,500,000
Dividends 175,000
Interest Expense 15,000
Inventory $ 980,000
Notes Payable 250,000
Office Supplies 20,000
Retained Earnings 1,987,000
Salaries Payable 8,000
Sales 8,245,000
Selling Expenses 575,000
Store Supplies 90,000
Required -
a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9.
b. Compare the major advantages and disadvantages of the multiple and single-step forms of income statements.
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