All of the following would appear on a single-step income statement except
A) cost of goods sold.
B) extraordinary items.
C) gross profit.
D) discontinued operations.

Question

Quizplus · Accepted Answer

In a single-step income statement, revenues and expenses are listed together without calculating a gross profit, which is the difference between sales and cost of goods sold. Gross profit is typically reported in a multi-step income statement, not in a single-step format.

All of the Following Would Appear on a Single-Step Income