Gross profit appears on both the single-step and multiple-step forms of the statement of income.

Name: Gross profit appears on both the single-step and multiple-step forms of the statement of income.
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Quizplus · Accepted Answer

Gross profit is typically reported on the multiple-step income statement, but not on the single-step income statement, which combines all revenues and gains together and all expenses and losses together without showing gross profit separately.

Gross Profit Appears on Both the Single-Step and Multiple-Step Forms