-Refer to Bellweather Times. By what amount will net income on a single-step income statement differ from net income on a multiple-step income statement if the company prepares both formats?
A)$0
B)$2,000
C)$6,000
D)$8,000

Question

-Refer to Bellweather Times. By what amount will net income on a single-step income statement differ from net income on a multiple-step income statement if the company prepares both formats?
A)$0 
B)$2,000 
C)$6,000 
D)$8,000

Quizplus · Accepted Answer

The net income will be the same on both the single-step and multiple-step income statements. The only difference between the two formats is the level of detail provided.