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All of the following statements about the multiple-step income statement are true except: It contains amounts for gross profit and income from operations that would
All of the following statements about the multiple-step income statement are true except: It contains amounts for gross profit and income from operations that would not be separately stated on a single-step income statement. It highlights the components of net income. It results in a higher net income than a single-step income statement. It contains separate sections for other revenues and gains and other expenses and losses
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