All of the following would appear on a single-step income statement except
A) cost of goods sold.
B) extraordinary items.
C) discontinued operations.
D) gross profit.

Name: All of the following would appear on a single-step income statement except A) cost of goods sold. B) extraordinary items. C) discontinued operations. D) gross profit.
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Question

Quizplus · Accepted Answer

A single-step income statement does not show gross profit separately; it combines all revenues and subtracts all expenses to find net income.

All of the Following Would Appear on a Single-Step Income