Question
QUESTION 1 On a multiple-step income statement, gains or losses on the sale of equipment would be shown A) before gross profit on sales. B)
QUESTION 1
| On a multiple-step income statement, gains or losses on the sale of equipment would be shown | |
| A) | before gross profit on sales. |
| B) | after income from continuing operations but before income from extraordinary items. |
| C) | after income before extraordinary items but before net income. |
| D) | after gross profit on sales but before income from continuing operations. |
QUESTION--2)
| The normal ordering of items in the income statement would be best illustrated by which of the following? | |
| A) | Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income |
| B) | Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income |
| C) | Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net income |
| D) | Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income |
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
