W3_Outline - Accounting 306 Intermediate Accounting I...

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Accounting 306 Intermediate Accounting I Workshop 3 Outline I. Compare and contrast the single-step income statement and multiple-step income statement. How are they the same? How are they different? Which one is most the most informative? Which one is the simplest to prepare? II. What are the major components of a multiple-step income statement (e.g., gross profit, income from operations, etc.)? Know how to calculate each. III. Irregular items a. Discontinued operations i. What two things must happen for a discontinued operation to occur? ii. Where do companies report discontinued operations on the income statement? Is it shown gross or net of tax? iii. A gain or loss on discontinued operations is split into what two components? b. Extraordinary items i. What are the two criteria for extraordinary items? ii. Know the gains and losses that are not considered extraordinary (see page 142, items (a) – (f)).
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iii. Where do companies report extraordinary items on the income statement? Is it shown gross or net of tax?
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