Question: For each item below, indicate whether the statement describes a multiple-step Income statement or a single step income statement. 1. Only reports a total revenue

For each item below, indicate whether the statement describes a multiple-step Income statement or a single step income statement. 1. Only reports a total revenue subtotal and total expense subtotal 2 Reports net income as the difference between total revenues less total expenses 3 Does not separately roport gross profit 4 Does not distinguish between items that are operating or nonoperating

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