Which of the following is not a subsection in a multiple-step income statement?
A) Purchase discounts
B) Gross profit
C) Operating income
D) Income before taxes

Question

Quizplus · Accepted Answer

Purchase discounts are typically reported as a deduction from purchases on the income statement or separately in the notes to the financial statements. They are not a separate subsection in a multiple-step income statement.

Which of the Following Is Not a Subsection in a Multiple-Step