The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement.

Name: The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement.
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Question

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In a single-step income statement, all revenues are grouped together and all expenses are grouped together, without a separate gross profit section. The gross profit section is specific to the multiple-step income statement.

The Gross Profit Section for a Merchandising Company Appears on Both