LN06-ch6-AFM101s11

Allowancesduringtheperiod cost of goods sold

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Unformatted text preview: y discounts, returns, and discounts, returns, and Net sales allowances during the period. allowances during the period. Cost of goods sold Cost of inventory sold. Gross profit Cost of inventory sold. Operating expenses Income from operations Nonoperating revenues/expenses and gains/losses Income before income taxes Income tax expense Net income Not related to the company’s primary operations. Not related to the company’s primary operations. Usually includes interest income or expense and any Usually includes interest income or expense and any gains or losses from the retirement of equipment. gains or losses from the retirement of equipment. Financial Accounting, Third Canadian Edition 6-26 Discontinued Operations Sale or abandonment of a segment off Sale or abandonment of a segment o a business. a business. Income or loss on Income or loss on segment’s operation for segment’s operation for ttheperiod. he period. Gain or loss on Gain or loss on disposal of the disposal of the segment. segment. Show net of tax effect. Financial Accounting, Third Canadian Edition 6-27 Extraordinary Items • unusual in nature • infrequent in occurrence • not dependent primarily on decisions by management or owners Show net of tax effect. Financial Accounting, Third Canadian Edition 6-28 Statement of Retained Earnings This statement reports the change in retained earnings This statement reports the change in retained earnings tthatresults from the net income (or loss) for the period hat results from the net income (or loss) for the period llessany distribution of dividends. ess any distribution of dividends. Other changes that do not affect the operations of the Other changes that do not affect the operations of the current period are also reported in this statement. current period are also reported in this statement. Financial Accounting, Third Canadian Edition 6-29 Cash Flow Statement Here is the Here is the operating operating activities activities section of the section of the cash flow cash flow statement. statement. Forzani Group Forzani Group uses the iindi...
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This note was uploaded on 09/22/2012 for the course AFM 101 taught by Professor Kennedy during the Spring '08 term at Waterloo.

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