A single-step income statement will list revenues and gains from "continuing operations" first, and the expenses will follow. The expenses and losses are grouped together all in "one step". As a rule of thumb remember for Revenue, the "SIG" rule and for expenses the "SCGRI" rule. "SIG" stands for Sales, Interest and Dividends, and Gain on Sale of Investments. The "SCGRI" rule stands for COGS, Selling, G&A, R&D, and Interest. Therefore, single-step format has five parts:
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