Answer Happy

The income statement usually classifies the results of various
transactions and events in one of the following 3 sections:
Identify each of the transaction or
events that follow, and state any assumptions you may feel
necessary.
1
Loss of funds in a bank account in a foreign country as a result
of the government confiscation.
2
Interests and dividends received from investments in marketable
securities.
3
Loss in excess of insurance proceeds on an automobile destroyed
during an accident.
4
Uninsured loss of a house in Spain due to a volcanic
eruption.
5
Income from the current year of the farm business before its
sale.
6
Loss from the sale of a farm business.
7
Lawyers expense in preparation of a staff restructuring to as a
consequence of orders reducing in 50%, will take place next
year.manufacturing business.
8
Gain from sale of the warehouse, no longer needed in
operations.
9
Salary of the corporation president.
10
Extraordinary depreciation in the machinery for the steel
manufacturing business, after the realization of an impairment
test.