On a multi-step income statement do you have to skip an entire blank line betwee

Question

On a multi-step income statement do you have to skip an entire blank line between gross profit & operating expenses, income from operations & other revenues and gains, other expenses and losses & income before income tax? Or is it okay to not skip lines and format is the same just no blank lines? On a multi-step income statement do you have to skip an entire blank line between gross profit & operating expenses, income from operations & other revenues and gains, other expenses and losses & income before income tax? Or is it okay to not skip lines and format is the same just no blank lines?

Explanation / Answer

Solution:

There is no statutory requirement to skip an entire blank line between gross profit & operating expenses, income from operations & other revenues and gain, others expenses and losses & income before income tax while preparing multistep income statement.

The only thing is that it will look good presentation when we skip a line between above fields.

Therefore it is okay to not skip lines. The only thing is presentation will not look good.

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