1C2 - Income Statement Flashcards
Where does unrealized G/L from AFS go?
Comprehensive Income. NOT NET INCOME!
If you have an external customer who gives 10%+ revenue, do you have to disclose their name?
No name, but you do have to disclose the fact of it.
Does the recovery of uncollectible accounts have an effect on the I/S?
No since the cash is increased and the allowance account is decreased. Already wrote it off the year prior.
Do permanent differences affect deferred tax computations?
No. They don’t affect either interperiod or intraperiod income tax allocation
Do you have to disclose export sales if it is 10%+ of revenues?
Yes
If you have a material event that is infrequent, but not unusual - how should this be shown?
As a separate component of income from continuing operations
Gross Profit Formula?!
Sales less COGS
