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 (S), multiple-step (M), both formats (B), or not used on either income statement ________ 1. Sales________ 2. Cost of goods sold________ 3. Selling expenses________ 4. Total revenues________ 5. Utilities expense________ 6. Administrative expense________ 7. Net income________ 8. Supplies on hand________ 9. Accumulated depreciation________ 10. Income before income taxes________ 11. Gross profitView Solution:
Some headings and or items are used on either the single