A singlestep income statement for a merchandising firm Selec

A single-step income statement for a merchandising firm:

Select one: A. Shows a different net income amount than a multiple-step income statement

B. May not be used because it is an unacceptable reporting format

C. Does not show a gross profit on sales amount

D. None of the above

Solution

C.Does not show a gross profit on sales amount.

single step income statement presents only net income, but not gross profit.

SIngle step incomestatement does not show different net income than multiple step income statement.

SIngle step income statement is accepted reporting format for merchandising firm.