Acg 2021
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ACG 2021. Chapter 11 Summary. The Income Statement. Major Categories Operating Income Before Other Gains/Losses and Tax Expense Income from Continuing Operations +/- Gains or Losses from: Sale of Assets Sale of Short Term Investments Taxes Discontinued Operations Net of Tax

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ACG 2021

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Acg 2021

ACG 2021

Chapter 11

Summary


The income statement

The Income Statement

  • Major Categories

  • Operating Income

    • Before Other Gains/Losses and Tax Expense

  • Income from Continuing Operations

    • +/- Gains or Losses from:

      • Sale of Assets

      • Sale of Short Term Investments

    • Taxes

  • Discontinued Operations

    • Net of Tax

  • Cumulative Change in Accounting Procedure

    • Net of Tax

  • Extraordinary Gain or Loss

    • Unusual and Infrequent

    • Net of Tax


Earnings per share

Earnings Per Share

  • EPS =

    Net Income – Preferred Dividend

    Avg. # of common stock outstanding

  • Computed for:

  • Income from Continuing Operations

    • All other sub-totals


Taxes

Taxes

  • Tax Payable=TaxableIncome x tax rate

  • Tax Expense =NetIncome x tax rate

  • Deferred Taxes = Tax Expense – Tax Payable

    • Tax Expense > Tax Payable = Liability

    • Tax Expense < Tax Payable = Asset


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