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 Inventory $975,250 Accumulated Depreciation—Building 736,100 Notes Payable 271,850 Administrative Expenses 532,450 Office Supplies 20,350 Building 2,589,700 Retained Earnings 1,279,250 Cash 175,250 Salaries Payable 7,750 Common Stock 291,850 Sales 6,599,400 Cost of Goods Sold 3,783,300 Selling Expenses 692,000 Dividends 173,200 Store Supplies 92,050 Interest Expense 10,100 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9.
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On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company...
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