Which of the following is shown on a multiminusstep income statement but not on a singleminusstep income​ statement?

Question

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Part 1
A.
cost of goods sold
B.
net sales revenue
C.
gross profit
D.
net income

Answer 1

The correct answer is C. gross profit.

A multi-step income statement provides a detailed breakdown of revenue and expenses, including calculation of gross profit (net sales revenue minus cost of goods sold). In contrast, a single-step income statement presents total revenues and total expenses in one step, without separating the components, and therefore does not specifically show gross profit.