Sep 21, 2017 term paper 2

ON OCTOBER 31, 2016, THE BALANCES OF THE ACCOUNTS APPEARING IN THE LEDGER OF PRESTIGE FURNISHINGS…

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On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building$ 750,000
Administrative Expenses540,000
Building2,500,000
Cash175,000
Common Stock300,000
Cost of Merchandise Sold3,800,000
Dividends175,000
Interest Expense10,000
Merchandise Inventory980,000
Notes Payable250,000
Office Supplies20,000
Retained Earnings1,287,000
Salaries Payable8,000
Sales6,410,000
Selling Expenses715,000
Store Supplies90,000
Required:
A.Prepare a multiple-step income statement for the year ended October 31, 2016. Be sure to complete the statement heading. Refer to the information given in the exercise and 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 theOther income and 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?

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