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cpa_punk
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Joined: 27 Jun 2011
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Posts: 31
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| Posted: 28 Apr 2012 at 22:38 | IP Logged
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I am very confused of income from continuing operations-after income tax. Is "income from continuing operations-after income tax" to be shown after OR before "Income (or loss) from Discontinued operations" and "Extraordinary Items?"
Becker F1-19 indicates "Net Income" or "income from continuing operations" which would be used if other categories are applicable, such as "Income (or loss) from Discontinued operations" and "Extraordinary Items.")...?
Bisk or online sources shows "income from continuing operations-after income tax" is before "Income (or loss) from Discontinued operations" and "Extraordinary Items." then, "net income" shows in last.
What if I see a question on real exam says, for example, where should "Extraordinary Items"be shown in the income statement? ....where would it be???
Please help on this topic!!! thank you.
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astone
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| Posted: 29 Apr 2012 at 01:21 | IP Logged
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Income Statement |
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Sales |
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Cost of Sales |
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Gross Margin |
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Selling expense |
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G & A expense |
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Depreciation expense |
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Income (Loss) from operations |
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Other income/gain |
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Other expense/loss |
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Income before unusual items & income tax |
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Unusual or infrequent items |
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Income before income tax |
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Income tax |
| I |
INCOME FROM CONTINUING OPERATIONS |
| D |
Discontinued operations - net of tax |
| E |
Extraordinary items - net of tax |
| A |
Accounting adjustments - net of tax |
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NET INCOME |
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OTHER COMPREHENSIVE INCOME |
| P |
Pension adjustments |
| U |
Unrealized gains and losses afs securities |
| F |
Foreign currency items |
| E |
Effective portion cash flow hedges |
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COMPREHENSIVE INCOME |
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cpa_punk
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| Posted: 29 Apr 2012 at 01:51 | IP Logged
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Thank you, aston! I guess I was confused of unusual/infrequent items with extraordinary items...
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Topic: Income from continuing operations
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