Which of the following line items below is present in both the multistep income statement and an income statement in which expenses are simply subtracted from revenues to arrive at net income?
A)Income before income tax expense
B)Income from operations
C)Net income
D)Gross profit

Question

Quizplus · Accepted Answer

Both income statements report net income.The multistep income statement also includes subtotals for gross profit,income from operations,and income before income tax expense.

Which of the Following Line Items Below Is Present in Both