13 - 1 In reporting discontinued operations the income...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
In reporting discontinued operations, the income statement should show in a special section: A. gains on the disposal of the discontinued component. B. losses on the disposal of the discontinued component. C. Neither a) nor b). D. Both a) and b). 2. Cool Stools Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before irregular items and extraordinary items, respectively, of A. $325,000 and $100,000. B. $325,000 and $75,000. C. $300,000 and $100,000. D. $300,000 and $75,000. 3. Which of the following would be considered an “Other comprehensive income” item? A. gain on disposal of discontinued operations. B. unrealized loss on available-for-sale securities. C. extraordinary loss related to flood. D. net income. 4. In horizontal analysis, each item is expressed as a percentage of the: A. net income amount. B.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 8

13 - 1 In reporting discontinued operations the income...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online