31 an income statement that includes cost of goods sold as an expense and shows only one subtotal for total…

31 an income statement that includes cost of goods sold as an expense and shows only one subtotal for total expenses is a multiple choice simplified income statement single - step income statement combined income statement balanced income statement multiple - step income statement

31 an income statement that includes cost of goods sold as an expense and shows only one subtotal for total expenses is a multiple choice simplified income statement single - step income statement combined income statement balanced income statement multiple - step income statement

Answer

Brief Explanations:

A single - step income statement includes cost of goods sold as an expense and shows only one subtotal for total expenses. It is a straightforward way of presenting revenues and expenses without multiple intermediate calculations and subtotals.

Answer:

B. Single - step income statement