Intermediate Accounting I - Exam 2 correctly answered

Intermediate Accounting I - Exam 2 Which of the following would be more likely in multiple step income statement: 1. Total Expenses 2. Total Revenues & Gains 3. Operating Income - correct answer Operating Income is most likely found in a multiple step income statement Item typically included in the income from continuing operations section of the income statement is: 1. Discontinued operations 2. Restructuring costs 3. Prior period adjustment - correct answer Restructuring costs are typically included in income from continuing operations The application of intraperiod income taxes requires that income taxes be apportioned to each of the following items except: 1. Income from continuing operations 2. Operating income 3. Discontinued operations - correct answer Operating Income would not be in this list For a manufacturing company, each of the following items would be considered non operating income for income statement purposes except: 1. Income from investments 2. Cost of Goods Sold 3. Interest expense 4. Gain on sale of investments - correct answer Cost of Goods Sold would not be considered nonoperating income