On March 31, 2010, the balances of the accounts appearing in the ledger of El Dorado Furnishings Company, a furniture wholesaler, are as follows:
Administrative Expenses $ 250,000 Office Supplies $ 21,200
Building 1,025,000 Retained Earnings 937,600
Capital Stock 200,000 Salaries Payable 6,000
Cash 97,000 Sales 2,550,000
Cost of Merchandise Sold 1,400,000 Sales Discounts 40,000
Dividends 50,000 Sales Returns and Allowances 160,000
Interest Expense 15,000 Selling Expenses 410,000
Merchandise Inventory 260,000 Store Supplies 15,400
Notes Payable 59,000 .
a. Prepare a multiple-step income statement for the year ended March 31, 2010.
b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
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