Which one of the following is shown on a multiple-step but not on a single-step income statement?
A) Net sales
B) Net income
C) Gross profit
D) Cost of goods sold

Question

Quizplus · Accepted Answer

Gross profit is shown on a multiple-step income statement but not on a single-step income statement. A multiple-step income statement separates operating revenues and operating expenses from non-operating revenues, non-operating expenses, gains, and losses, and specifically shows gross profit by subtracting cost of goods sold from net sales.

Which One of the Following Is Shown on a Multiple-Step