Question: dicate whether each statement describes a multiple - step income statement or a single - step income statement. 1 . Reports net income as the

dicate whether each statement describes a multiple-step income statement or a single-step income statement.
1. Reports net income as the difference between total revenues less total expenses.
2. Does not separately report gross profit.
3. Does not separate expenses and losses into operating or nonoperating.
4. Does not separately report income from operations.

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