Question Details

In a multiple-step income statement, income from operations 



1. Merchandise inventory is classified as a current asset in a classified balance sheet.
2. Gain on sale of equipment and interest expense are reported under other revenues and
gains in a multiple-step income statement.
3. The gross profit section for a merchandising company appears on both the multiple-step
and single-step forms of an income statement.
4. In a multiple-step income statement, income from operations excludes other revenues and
gains and other expenses and losses.
5. A single-step income statement reports all revenues, both operating and other revenues
and gains, at the top of the statement.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help