Which of the following statements related to the multiple-step income statement is not true?

A) Subtotals for total selling expenses and general and administrative expenses are reported.
B) Interest revenue is included with other revenue and gains.
C) The first section of the statement reports gross profit.
D) Shows only one total for expenses.
E) Nonoperating items are reported separately from operations.

Multiple-Step Income Statement

An income statement that shows multiple steps in determining net income, including gross profit, operating income, and other incomes and expenses.

Selling Expenses

Costs associated with the selling of a company's goods or services, not including the cost of producing the goods.

Nonoperating Items

Revenue and expenses arising from activities outside of a company's normal business operations, such as investing or financing activities.