A multiple-step income statement reports different types of income that include:
A)sales revenue and service revenue.
B)income tax expense,utilities expense,rent expense.
C)gross profit,operating income and net income.
D)cost of goods sold and operating expenses.

Question

Quizplus · Accepted Answer

The multiple-step income statement includes gross profit, operating income and net income as types of income. It also shows the operating expenses and cost of goods sold separately from each other. Sales revenue and service revenue are part of the income section, but not specifically mentioned as separate types of income. Income tax expense, utilities expense, and rent expense are expenses, not income.

A Multiple-Step Income Statement Reports Different Types of Income That