Final answer:
An example of what you would find in a single-step income statement is total revenues, explicit costs, and accounting profit.
Step-by-step explanation:
An example of what you would find in a single-step income statement is:
- Total Revenues
- Explicit Costs
- Accounting Profit
The single-step income statement is a simplified version of an income statement that groups all revenues and gains together and all expenses and losses together. It does not include separate sections for operating and non-operating activities.
For example, in an income statement:
Total Revenues = $200,000
Explicit Costs = $85,000
Accounting Profit = $115,000