- Multiple Step Income Statement On March 31 2049 The Balances Of The Accounts Appearing In The Ledger Of Royal Furnishi 1 (24.78 KiB) Viewed 71 times
Multiple-Step Income
Statement On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings
Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $963,950 Accumulated Depreciation-Building 771,150 Notes Payable 320,700 Administrative Expenses 550,200 19,450 Building 2,614,650 Office Supplies Retained Earnings Salaries Payable 1,247,850 Cash 181,850 8,100 Common Stock 310,900 Sales 6,683,750 Cost of Goods Sold 3,989,500 Selling Expenses 691,350 Dividends 178,650 Store Supplies 89,150 Interest Expense 9,950
a. Prepare a multiple-step income
statement for the fiscal year ended March 31, 2049. Royal Furnishings
Company Income
Statement For the Year Ended March 31, 2019 $ Gross profit Expenses: $ Total expenses Other expense: Q OO b. What is a major advantage of the multiple-step income
statement over the single-step income
statement