(Solved): Regarding income statement formats, which of the following statements is INCORRECT? A single-step ...

Regarding income statement formats, which of the following statements is INCORRECT? A single-step income statement lists all the revenues and gains together under a heading such as Revenues and Gains. A multistep income statement reports a number of subtotals to highlight important relationships between revenues and expenses. A multistep income statement is the only format that allows users to evaluate the profitability of the business. Income tax expense is the only expense separately reported from all other expenses on a single-step income statement. Which of the following lists balance sheet accounts in order of liquidity? Accounts Receivable, Cash, Equipment Cash, Accounts Receivable, Equipment Cash, Equipment. Accounts Receivable, Inventory Equipment. Accounts Receivable, Cash