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1、INCOMEANDCHANGESINRETAINEDEARNINGSChapter12LearningObjectiveLO1Todescribehowirregularincomeitems,suchasdiscontinuedoperationsandextraordinaryitems,arepresentedintheincomestatement.InformationaboutnetincomecanbedividedintotwomajorcategoriesIncomefromcontinuingoperations.1.Resultsofdiscontin
2、uedoperations.2.Impactofextraordinaryitems.3.Effectsofchangesinaccountingprinciples.Normal,recurringrevenueandexpensetransactions.Unusual,nonrecurringeventsthataffectnetincome.ReportingtheResultsofOperationsThistaxexpensedoesnotincludeeffectsofunusual,nonrecurringitems.Theseunusual,nonrecu
3、rringitemsareeachreportednetoftaxes.Income/Lossfromoperatingthesegmentpriortodisposal.Income/Lossondisposalofthesegment.Whenmanagemententersintoaformalplantosellordiscontinueasegmentofthebusiness,therelatedgainsandlossesmustbedisclosedontheincomestatement.DiscontinuedOperationsDiscontinued
4、OperationsAsegmentmustbeaseparatelineofbusinessactivityoranoperationthatservicesadistinctcategoryofcustomers.DiscontinuedOperationsWhenmanagemententersintoaformalplantosellordiscontinueasegmentofthebusiness,therelatedgainsandlossesmustbedisclosedontheincomestatement.During2007,Matrix,Inc.s
5、oldanunprofitablesegmentofthecompany.Thesegmenthadanetlossfromoperationsduringtheperiodof$150,000andalossonthesaleofitsassetsof$100,000.Matrixreportedincomefromcontinuingoperationsof$1,750,000.Allitemsaretaxedat30%.Howwillthisappearontheincomestatement?DiscontinuedOperationsDiscontinuedOpe
6、rationsIncomeStatementPresentation:DiscontinuedOperationsExtraordinaryItemsMaterialinamount.Gainsorlossesthatarebothunusualinnatureandnotexpectedtorecurintheforeseeablefuture.Reportednetofrelatedtaxes.During2007,Matrix,Inc.experiencedalossof$75,000duetoanearthquakeatoneofitsmanufacturingpl
7、antsinNashville.Thiswasconsideredanextraordinaryitem.Thecompanyreportedincomebeforeextraordinaryitemof$1,575,000.Allgainsandlossesaresubjecttoa30%taxrate.Howwouldthisitemappearonthe2007incomestatement?ExtraordinaryItemsIncomeStatementPresentation:Extraordinary
