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...

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 (N).

______ 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 profit