Concept Introduction:
Continuing operations:
Continuing operations section of the income statement includes the revenues and expenses related to normal & frequent operations of the business. In other words we can say that incomes & expenses which are result of normal operations of the business are reported under this section of the income statement.
Discontinued segment:
Discontinued segment section of the income statement includes the gains & losses from selling a segment of the business or closing down a particular segment of the business. In other words we can say that when a business entity closes a particular segment then income or loss of such segment is reported under this section of the income statement.
Reporting of items of income statement under suitable section

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Chapter 17 Solutions
FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
- Provide right solutionarrow_forwardThurman Industries expects to incur overhead costs of $18,000 per month and direct production costs of $155 per unit. The estimated production activity for the upcoming year is 1,800 units. If the company desires to earn a gross profit of $72 per unit, the sales price per unit would be which of the following amounts? A. $327 B. $240 C. $273 D. $347 provide helparrow_forwardOn January 1, 20X1, Pinnatek Inc., which uses the straight-line method, purchases a machine for $72,000 that it expects to last for 12 years; Pinnatek expects the machine to have a residual value of $6,000. What is the annual depreciation rate? a. 9.7% b. 11.5% c. 12.5% d. 6.25% e. 7.64% helparrow_forward
- Job H85arrow_forwardPlease help me solve this general accounting problem with the correct financial process.arrow_forwardThurman Industries expects to incur overhead costs of $18,000 per month and direct production costs of $155 per unit. The estimated production activity for the upcoming year is 1,800 units. If the company desires to earn a gross profit of $72 per unit, the sales price per unit would be which of the following amounts? A. $327 B. $240 C. $273 D. $347 provide answerarrow_forward
- Accurate answerarrow_forwardI am trying to find the accurate solution to this general accounting problem with appropriate explanations.arrow_forwardIn December 2018, Crescent Fabrication established its predetermined overhead rate for jobs produced during 2019 using the following cost estimates: overhead cost of $300,000 and direct materials cost of $250,000. Determine the predetermined overhead rate for 2019. Helparrow_forward
- Answer this below Questionarrow_forwardNeed Answerarrow_forwardOn January 1, 20X1, Pinnatek Inc., which uses the straight-line method, purchases a machine for $72,000 that it expects to last for 12 years; Pinnatek expects the machine to have a residual value of $6,000. What is the annual depreciation rate? a. 9.7% b. 11.5% c. 12.5% d. 6.25% e. 7.64% helparrow_forward
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