Which of the following statements about a multistep income statement is not correct?
A)Income before income taxes = Net income + Income tax expense
B)Depreciation is subtracted in the calculation of core operating results.
C)Income from operations = Income before income tax expense + Other revenues (expenses),net
D)Income from operations = Net income + Income tax expense − Other revenues (expenses),net

Question

Quizplus · Accepted Answer

Net income = Income from operations + Other revenues (expenses),net − Income tax expense or,in other words,Income from operations = Income before income tax expense − Other revenues (expenses),net.

Which of the Following Statements About a Multistep Income Statement