Multiple-step income statements show. gross profit, cost of merchandise sold, income from operations and net income. Under a perpetual inventory system,. accounting records continuously disclose the amount of inventory. Where are selling and administrative expenses found on the multi-step income statement?.Where are selling and administrative expenses found on the multi. step income statement? - after gross profit. Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as. selling expenses. Which of the following statements is TRUE? Sales is the total amount charged customers .Operating expenses, including selling and administrative expenses, are subtracted from gross profit to give you operating income. So the selling and administrative expenses are listed after gross profit and before operating income. Deducting income tax expense then gives the net income, except in case of a net loss..Where Are Selling Administrative Expenses Found on the Multi-Step Income Statement? If you pore over a multiple-step statement of profit and loss, you see selling, general and administrative expenses right underneath the gross profit, which equals total sales less material expense..
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