QS 4-13 (Algo) Identifying type of income statement LO P4 Indicate whether each statement describes a multiple-step income statement or a single-step income statement. 1. Reports one subtotal for revenue and one subtotal for expenses. 2. Reports net income as the difference between total revenues less total expenses. 3. Does not separately report gross profit. 4. Does not separate expenses and losses into operating or nonoperating. Multiple-step income statement Single-step income statement Single-step income statement Single-step income statement