Ask Question
18 November, 09:18

In the multiple-step income statement, cost of merchandise sold is subtracted from a. selling expenses. b. sales. c. gross profit. d. operating expenses.

+5
Answers (1)
  1. 18 November, 09:45
    0
    b. sales

    Explanation:

    As we know that

    Income statement refers to the statement in which the revenues and the expenses incurred should be recorded

    While on the other hand the multiple-step income statement refer to the statement in which there are various level like gross profit, total operating expenses etc

    Plus we also know that

    Gross profit = Sales - cost of goods sold

    Therefore the cost of merchandise should be deducted from sales so that we can find out the gross profit
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In the multiple-step income statement, cost of merchandise sold is subtracted from a. selling expenses. b. sales. c. gross profit. d. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers