1. The problem asks: In a multiple-step income statement, operating expenses are subtracted from gross profit to compute what? 2. In accounting, a multiple-step income statement separates operating revenues and expenses from non-operating ones. 3. The formula used here is: $$\text{Operating Income} = \text{Gross Profit} - \text{Operating Expenses}$$ 4. Gross profit is the difference between net sales and cost of goods sold. 5. Operating expenses include selling, general, and administrative expenses. 6. By subtracting operating expenses from gross profit, we find the operating income, which shows the profit from core business operations before interest and taxes. 7. Therefore, the answer is: Operating Income.