Extraordinary Items: Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items. They are reported in a separate segment in income statement after the other incomes. Income Statement Income from Continuing operation before taxes and extraordinary items Less: Income tax expenses Income from Continuing operation before extraordinary items Discontinued operations, net of tax Extraordinary items ( gains or losses ), Net of tax Net Income Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

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Answer 1

Question

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

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Answer 2

Question

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Expert Solution & Answer

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Answer 4

Question

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Answer 6

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Answer 7

Chapter 17, Problem 13DQ

To determine

Concept Introduction:

Extraordinary Items:

Extraordinary items are the gains and losses are not normal in nature and occur due to some unforeseeable events like earthquake, fire, tsunamis etc. Since, they do not occur more often during the operations of the business, thus they are termed as extraordinary items.
They are reported in a separate segment in income statement after the other incomes.

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income

Where on income statement would the unusual gain which is not expected to occur more often than once every two year or so would be reported.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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Chapter 17 Solutions

Income Statement
Income from Continuing operation before taxes and extraordinary items
Less: Income tax expenses

Income from Continuing operation before extraordinary items
Discontinued operations, net of tax
Extraordinary items ( gains or losses ), Net of tax
Net Income