Companies with specific business structures, such as corporations, must produce a multiple-step income statement, while other companies have the option of presenting a single-step income statement.

That's the company's net income for the given quarter. Single-Step vs. Multiple-Step Income Statement The above example is the simplest form of income statement that any standard business can ...

The above example is the simplest form of income statement that any standard business can generate. It is called the single-step income statement as it is based on a simple calculation that sums ...