Download
1 / 4
40 likes | 254 Views
ACG 2021. Chapter 11 Summary. The Income Statement. Major Categories Operating Income Before Other Gains/Losses and Tax Expense Income from Continuing Operations +/- Gains or Losses from: Sale of Assets Sale of Short Term Investments Taxes Discontinued Operations Net of Tax
E N D
ACG 2021 Chapter 11 Summary
The Income Statement • Major Categories • Operating Income • Before Other Gains/Losses and Tax Expense • Income from Continuing Operations • +/- Gains or Losses from: • Sale of Assets • Sale of Short Term Investments • Taxes • Discontinued Operations • Net of Tax • Cumulative Change in Accounting Procedure • Net of Tax • Extraordinary Gain or Loss • Unusual and Infrequent • Net of Tax
Earnings Per Share • EPS = Net Income – Preferred Dividend Avg. # of common stock outstanding • Computed for: • Income from Continuing Operations • All other sub-totals
Taxes • Tax Payable=TaxableIncome x tax rate • Tax Expense =NetIncome x tax rate • Deferred Taxes = Tax Expense – Tax Payable • Tax Expense > Tax Payable = Liability • Tax Expense < Tax Payable = Asset
