Some headings and/or items are used on either the single- or multiple-step income statement. Some are used on both. Identify each of the following items as single-step (S), multiple-step (M), both formats (B), or not used on either income statement
________ 1. Sales
________ 2. Cost of goods sold
________ 3. Selling expenses
________ 4. Total revenues
________ 5. Utilities expense
________ 6. Administrative expense
________ 7. Net income
________ 8. Supplies on hand
________ 9. Accumulated depreciation
________ 10. Income before income taxes
________ 11. Gross profit