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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Why are results from discontinued operations separated from results from continuing operations on an income statement?

To determine

State the reason why the results from discontinued operation on an income statement are separated from the results from continuing operations.

Explanation

Discontinued Operations:

A discontinued operation is a component of business, in which the company has already been discontinued or plans to discontinue in the future. The Discontinued operation section should be reported separately in the income statement (continued operation), because discontinued component (income or expense) would not affect the business in the future.

State the reason why the results from discontinued operation on an income statement are separated from the results from continuing operations:

I...

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