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 To determine: 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

To determine:

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

To determine:

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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Check out a sample textbook solution

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

To determine:

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

To determine:

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

To determine:

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

To determine:

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

To determine:

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 11

Ch. 17 - Prob. 1DQ Ch. 17 - What is the difference between comparative...Ch. 17 - Prob. 3DQ Ch. 17 - Prob. 4DQ Ch. 17 - Prob. 5DQ Ch. 17 - Prob. 6DQ Ch. 17 - Prob. 7DQ Ch. 17 - Prob. 8DQ Ch. 17 - Prob. 9DQ Ch. 17 - How does inventory turnover provide information...

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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