Which of the following would be found on an income statement? (A) Accounts payable (B) Gross profit (C) Intangibles (D) Net assets - HSC - SSCE Business Studies - Question 10 - 2014 - Paper 1

To determine which option is found on an income statement, we need to understand the purpose of the income statement. An income statement summarizes revenues and expenses for a specific period, ultimately showing the net profit or loss.

1. Accounts payable: This is a liability and appears on the balance sheet, not the income statement.
2. Gross profit: This is a figure derived from revenues minus the cost of goods sold, and it is indeed reported on the income statement.
3. Intangibles: These are assets and would also be found on the balance sheet.
4. Net assets: This is a financial term relating to total assets minus total liabilities, typically seen on the balance sheet.

Given the definitions and placement of each term, the correct option is (B) Gross profit.