An income statement on which the cost of goods sold and operating expenses are added together and subtracted from net sales in one step to get net income is a(n):

Question

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A single-step income statement is a simpler form of income statement where all expenses including cost of goods sold are subtracted from net sales in a single step to get the net income. This type of income statement is useful for small businesses with simpler operations.

An Income Statement on Which the Cost of Goods Sold