The income statement line gross profit will appear on which income statement format? Select one: a. Receipt and payment account b. Multiple step income statement c. Single step income statement d. Income and expenditure account

indicate whether the statement describes a multiple-step income statement or asingle-step income statement.a. Multiple-step income statement b. Single-step income statement Commonly reports detailed computations of net sales and other costs and expenses.

Which of the following best describes a single-step income statement? a.Operating expenses are divided into the subcategories of selling expenses and general expenses. b.Gross sales is shown first, less sales returns and allowances and sales discounts. c.Operating expenses are listed and subtracted from the gross profit to compute income from operations. d.All revenue items and their total are listed first, followed by all expense items and their total.