23, value 1.00 points Which of the following statements about a multistep income statement is correct? O It groups all revenues together O It reports a different amount of net income than a single-step income statement OIt includes expenses that would not appear on a single-step income statement O A key measure available on a multistep income statement is the amount of profit earned over the cost of goods sold 100 points The following account balances appeared on the company's trial balance at year-end: Sales Returns and Allowances Accounts Receivable Sales Discounts Soles Revenue Sell S 680 10,800 1600 75.200 1.200 General, and Administrative Expenses The amount of net soles reported on the Income statement would be: O $75.200. O $72.920 O $84,000. O$71720. 25. velue. 1.00 points The gross profit equation is: (Sales Revenue Sales Returns& Allowances)- Cost of Goods Sold O (Sales Sales Discounts)-Cost of Goods Sold O (Sales Revenue - Sales Returns & Allowances-Sales Discounts)- Cost of Goods Sold o (Sales Revenue-Sales Returns & Allowances-Sales Discounts)-Cost of Goods Sold