Final answer:
Gross profit appears on both single-step and multiple-step income statements, shown after subtracting the cost of goods sold from sales.
Step-by-step explanation:
The element that appears on both a single-step and a multiple-step income statement is (b) Gross profit. A single-step income statement typically summarizes revenues and expenses in two simple categories. In contrast, a multiple-step income statement provides a detailed breakdown of revenues, expenses, and profits, usually including gross profit, operating expenses, and income from operations. Gross profit is calculated as sales minus the cost of goods sold and is a precursor to calculating income from operations.
Inventory, while pertinent to the calculation of gross profit, is not a line item on the income statement itself; it appears on the balance sheet. Income from operations and Cost of goods sold are also featured, but income from operations is exclusive to the multiple-step format for detailing performance before interest and taxes.