Introduction
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Concepts
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Exercises
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Resolution
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Case
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Discussion
The text.
1.
To be classified as an extraordinary item, an event must meet two criteria. What are the two criteria? If these criteria were not enforced, would it be more likely that gains or losses would be reported as extraordinary items. Why?
2.
Liz and Ethel, at home in New York State, might reasonably consider earthquakes to be extraordinary events. However, at the online gaming site in California this might not be true. What evidence do the following United States Geological Survey sites furnish on this issue?
Seismicity of the Eastern United States
Seismicity of the Western United States
3.
Before you visit the following Web sites, see if you can guess which company uses a multiple-step income statement with only a subtotal for Operating Income, and which uses a multiple-step income statement with both Gross Margin and Operating Income subtotals. The companies to consider are
Ford Motor Company
and the
Boeing Company
.
Which format do Ford and Boeing use? Why might they choose these formats?
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© 2002 by Prentice-Hall, Inc.
