In contrast with a multiple-step income statement,a single-step income statement does not show the amount of
A) income taxes on continuing operations.
B) cost of goods sold.
C) gross profit.
D) earnings per share.

Question

Quizplus · Accepted Answer

A single-step income statement does not break down the revenue and expenses into multiple steps or categories, thus it does not specifically show gross profit, which is calculated by subtracting the cost of goods sold from total revenues.

In Contrast with a Multiple-Step Income Statement,a Single-Step Income Statement