Identify the false statement regarding the format of the multi-step income statement:

a. The order of the six profit points in a standard multi-step income statement is Gross profit followed by EBITDA followed by NOI then EBIT followed by EBT and finally Net Income.

b. Generally speaking, we reconstruct or restate the income statement so that NOI represents the dividing line between operating/recurring income and non-operating/non-recurring income.

c. EBITDA is placed in the income statement before depreciation and amortization expense

d. Operating expenses are shown “above the line” or above NOI.

e. Property taxes are presented after Earnings Before Taxes (EBT)