Final answer:
Sales Discounts and Sales Returns and Allowances are shown as deductions from gross sales on a multiple-step income statement.
Explanation:
Sales Discounts and Sales Returns and Allowances are both considered contra-revenue accounts in accounting.
They are presented as deductions from gross sales to calculate net sales in a multiple-step income statement.
This method helps in understanding the impact of discounts and returns on the overall revenue of the company.
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