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Asked Dec 20, 2019
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What is the order of the subtotals that appear on a multi-step income statement?

  • Gross Profit, Operating Income, Net Income, Total Other Revenues and Expenses
  • Operating Income, Gross Profit, Net Income, Total Other Revenues and Expenses
  • Total Other Revenues and Expenses, Operating Income, Gross Profit, Net Income
  • Gross Profit, Operating Income, Total Other Revenues and Expenses, Net Income
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Formate of multistep income statement is as follows: Company Income Statement (Multi-step) For the year ended XXX Sales XX Less: Cost of goods Sold Gross Profit XXX Less: Operating Expenses Operating income XX XX Other incomes Net Income XXX

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