Which one of the following subtotals or totals would appear in a multiple-step,but not a single-step,income statement?
A)Income tax expense
B)Income from operations
C)Cost of goods sold
D)Net income

Question

Quizplus · Accepted Answer

Income from operations is a subtotal that appears in a multiple-step income statement, which separates operating revenues and expenses from non-operating revenues, expenses, gains, and losses. This distinction is not made in a single-step income statement, where all revenues and expenses are combined to calculate net income without intermediate subtotals.

Which One of the Following Subtotals or Totals Would Appear