Items Reported as Extraordinary

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• Earnings Per Share Reported on Income Statement

  This solution explains how earnings per share should be reported on the income statement for extraordinary items and income before extraordinary items.

• Popson inc incurred a material loss which was not unusual in

  a. it must be reported by all corporations whose stock is publicly traded b. it must be reported separately for discontinued operations c. it must be reported separately for extraordinary items d. it must be reported on operating income 4.

• Financial Reporting of Extraordinary Items

  Are the items above extraordinary items for external reporting purposes? Discuss. b. Show how the extraordinary items section of the income statement should have been reported (the tax rate is 30 percent).

• Accounting Questions

  144378 Before-Tax Income Statements Items 2. Pat's Pottery reported the following before-tax income statement items: Operating income $600,000 Extraordinary loss 100,000 Extraordinary gain 60,000 Pat's has a 25% income tax rate.

• FASB and EITF Pronouncements

  Also, the EITF No. 01-13 asserts that for business interruption insurance recoveries the nature of the event that cause the loss and where the insurance recoveries are reported as an extraordinary item and the amount of recovery reported in the present

• Calculate income statement amounts for Tiger Company

  - 30% = 175,000 Net income is 360,000 + 60,000 - 50,000 - 111,000 - 175,000 = 84,000 Note 1: Extraordinary items are reported net of their own income tax as a single line item.

• Extraordinary Items, Earnings, Financial Statements

  So, the funds paid would be reported as extraordinary. Extraordinary items can be expenses, as demonstrated above, or they can be income.

• Why are the results of discontinued operations, extraordinary items, and changes in accounting principles shown in separate sections at the bottom of the income statement?

  This is because such items are reported on the Income Statement after the Caption "Income from Continuing Operations - which is net of taxes).

• Freda's Florist reported the following before-tax income ...

  Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2011: Operating income $250,000 Extraordinary gain 70,000