A Single-Step Income Statement Is a Format That

Multiple Choice

A single-step income statement is a format that

A) compares the current year's income with last year's income.
B) recognizes subtotals at intermediate stages such as gross margin.
C) combines revenues and gains and subtracts from them expenses and losses,resulting in income from operations.
D) reports sales revenue,cost of goods sold,gross margin,and all other expenses.