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

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

Gross profit appears only on the multiple-step income statement, where it is calculated by subtracting the cost of goods sold from net sales. The single-step income statement does not separately show gross profit, as it combines all revenues and expenses in a single calculation.

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