Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 31

For each item below indicate whether the statement describes a multiple-step income statement or a single-step income statement.
a. Multiple-step income statement
b. Single-step income statement
______ 1. Shows detailed computations of net sales and other costs and expenses.
______ 2. Statement limited to two main categories (revenues and expenses).
______ 3. Reports gross profit as a separate line item.
______ 4. Reports net income equal to income from operations adjusted for any nonoperating items.