Question: 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

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.

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