A single-step income statement:a. reports gross profitb. does not report cost of goods soldc. reports sales revenues and "other revenues and gains" in therevenues section of the income statementd. reports operating income separately

Introduction to Income Statement Formats:An income statement can be prepared using either the…

Answered: A single-step income statement: a.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 20MC: A multi-step income statement ________. A. separates cost of goods sold from operating expenses B....

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Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expense
A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
A simple income statement ________. A. combines all revenues into one category B. does not combine all expenses into one category C. separates cost of goods sold from operating expenses D. separates revenues into several categories
Sales Returns and Allowances is classified as a contra-cost account on the income statement.
In the income statement, Freight-In is (a) added to purchases. (b) subtracted from purchases. (c) added to sales. (d) subtracted from cost of goods.
Which of the following represents the components of the income statement for a service business Sales Revenue - Cost of Goods Sold = gross profit Service Revenue - Operating Expenses = operating income Sales Revenue - Cost of Goods Manufactured = gross profit Service Revenue - Cost of Goods Purchased = gross profit
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
Where are selling and administrative expenses found on the multiple-step income statement? Da. after net income and before expenses b. before gross profit c. after sales and before gross profit Od. after gross profit
Which of the following statement is False for a Simple-Step Income Statement? a. Net Profit can be calculated b. Cost of goods sold will be taken under total revenue c. Selling expenses will be calculated under total expenses d. General and Administration expenses will be taken under total 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.
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 Reports gross profit on a separate line.
The ratio of Gross profit expressed as a percentage of sales is called: a. Gross Profit Ratio O b. Net Profit Ratio c. None of these O d. Operating Profit Ratio

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A single-step income statement: a. reports gross profit b. does not report cost of goods sold c. reports sales revenues and "other revenues and gains" in the revenues section of the income statement d. reports operating income separately