July 8 theory. Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these.

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Presentation transcript:

July 8 theory

Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these categories should appear on an income statement. 1.()Discontinued operations. 2.()Cost of goods sold. 3.()Other income and expense. 4.()Net income. 5.()Income taxes. 6.()Sales. 7.()Gross profit. 8.()Income from operations. 9.()Income before income taxes. 10.()Selling and administrative expenses. 11.()Income from continuing operations.

Classification of income statement and retained earnings statement items. For each of the items listed below, indicate how it should be treated in the financial statements. Use the following letter code for your selections: a. Other income and expense item on the income statement b. Discontinued operations c. Prior period adjustment 12. The company incurred a loss from impairment of plant assets. 13. Obsolete inventory was written off. This was the first loss of this type in the company's history. 14. Loss on the disposal of a component of the business. 15.Recognition of income earned last year which was inadvertently omitted from last year's income statement. 16. The company sold one of its warehouses at a loss. 17.Settlement of litigation with federal government related to income taxes of three years ago. The company is continually involved in various adjustments with the federal government related to its taxes. 18. Loss on sale of investments. The company last sold some of its investments two years ago. 19.The company neglected to record its depreciation in the previous year. 20. Discontinuance of all production in the United States. The manufacturing operations were relocated in Mexico.