Respuesta :
The items on the income statement which require separate income tax allocation discontinued operations and income from continuing operations.
What is a income statement?
- One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period.
- It describes the process through which revenues are converted into net income or net profit.
- Managers and investors can determine if a company gained money (profit) or lost money (loss) during the reporting period by looking at the income statement.
- There are two ways to create the income statement. The Single Step Income Statement calculates the net income by adding up all receipts and deducting all expenses.
- In order to get at the net income, the Multi-Step income statement makes a number of calculations, beginning with the gross profit and moving on to operational expense estimation.
The difference between other revenues and other expenses is added to income from operations. Taxes are subtracted as the last stage, which results in the net income for the measured time.
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