Question: Identify the proper sequence in which following items would be presented on the income statement Interest Expense Gross Profit Advertising Expense Operating Income Income Tax

  1. Identify the proper sequence in which following items would be presented on the income statement

    1. Interest Expense
    2. Gross Profit
    3. Advertising Expense
    4. Operating Income
    5. Income Tax Expense

    a.

    3, 2, 4, 1, 5
    b.

    2, 3, 4, 1, 5

    c.

    2, 1, 3, 4, 5
    d.

    1, 2, 3, 5, 4

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