Single- and Multiple-Step Income Statement 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 (N).

________ 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 profi t.

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