118-INCOME STATEMENT COMPONENTS-1 - Income from continuing...

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Income statement components Caption $ Net EPS Comments of tax Revenues (Sales) X May be in multiple-step format, i,e., subtotals for Costs and expenses: (X) gross profit, operating income Cost of goods sold (Cost of sales) (X) (X) (X) Depreciation and amortization (X) Special charges (X) Restructuring, asset impairment, merger costs, etc. Gains and losses X(X) Versus revenues, expenses and below "The Line" items Interest income X Interest expense (X) Financing costs Equity income X Equity in earnings of affiliates owned 20%, 50% Income before taxes X Income taxes (X) Minority interest in net income (X) Y Will be repositioned starting in 2009 (new standard)
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Unformatted text preview: Income from continuing operations X Y Y "THE LINE" (= NET INCOME if no items below) Discontinued operations X(X) Y Y G/L from disposal of a business segment Extraordinary items X(X) Y Y Unusual and infrequent gains and losses (rare) Cumulative effect of acctg changes X(X) Y Y No longer; restatement or prospective after 2005; versus changes in accounting estimates NET INCOME X Y Y "Bottom line" Closed to retained earnings Comprehensive income items X(X) Y N Pension, securities, derivatives, currency adjustments Comprehensive income X Y N Current items closed to AOCI 118...
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This note was uploaded on 09/09/2009 for the course ECON 118 taught by Professor Loster during the Spring '07 term at UCSB.

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