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; Multiple-step; Both formats; or Neither format.

Item	Classification
1. Sales	- Select your answer: Single/Multiple/Both/Neither
2. Cost of goods sold	- Select your answer: Single/Multiple/Both/Neither
3. Selling expenses (heading for a group of expenses)	- Select your answer: Single/Multiple/Both/Neither
4. Total revenues	- Select your answer: Single/Multiple/Both/Neither
5. Utilities expense	- Select your answer: Single/Multiple/Both/Neither
6. Administrative expense (heading for a group of expenses)	- Select your answer: Single/Multiple/Both/Neither
7. Net income	- Select your answer: Single/Multiple/Both/Neither
8. Supplies on hand	- Select your answer: SingleMultipleBothNeither
9. Accumulated depreciation	- Select your answer: SingleMultipleBothNeither
10. Income before income taxes	- Select your answer: SingleMultipleBothNeither
11. Gross profit