Which of the following is not found on a multi-step income statement?
A)Income taxes payable
B)Gross margin
C)Extraordinary items
D)Discontinued operations

Question

Quizplus · Accepted Answer

Income taxes payable is a current liability account found on the balance sheet, not on the multi-step income statement which shows a breakdown of net income by multiple steps such as gross profit, operating income, and net income. Option B, C, and D can all be found on a multi-step income statement as they relate to revenues, expenses, gains or losses recognized during the period.

Which of the Following Is Not Found on a Multi-Step