FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ef 50.

Regarding discontinued operations, which of the following statements is incorrect?
Question content area bottom
Part 1
A.
A gain on discontinued operations is reported with an addition for the applicable income tax.
B.
The sale of an identifiable division of the business is reported the income statement under the category Discontinued Operations.
C.
The Discontinued Operations category of the income statement includes information about segments of the business that have been
sold.
D.
Gains and losses on the sale of plant assets and equipment are reported as Other Income and (Expenses).
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Transcribed Image Text:Regarding discontinued operations, which of the following statements is incorrect? Question content area bottom Part 1 A. A gain on discontinued operations is reported with an addition for the applicable income tax. B. The sale of an identifiable division of the business is reported the income statement under the category Discontinued Operations. C. The Discontinued Operations category of the income statement includes information about segments of the business that have been sold. D. Gains and losses on the sale of plant assets and equipment are reported as Other Income and (Expenses).
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