A single-step income statement reports all revenues, both operating and other revenues and gains, at the top of the statement.

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A single-step income statement reports all revenues, gains, and other incomes at the top of the statement. Expenses are then deducted from the total revenues to calculate the net income. This type of income statement is simpler and more straightforward compared to a multi-step income statement.

A Single-Step Income Statement Reports All Revenues, Both Operating and Other