The type of income statement that reports a series of subtotals such as gross profit,operating income,and income before taxes is a ______ income statement.

Question

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A multiple-step income statement reports a series of subtotals, including gross profit, operating income, and income before taxes, which provide more detailed information about the company's financial performance than a single-step income statement. A subtotaled income statement is not a commonly recognized type of income statement.

The Type of Income Statement That Reports a Series of Subtotals