Hurricane Octavio caused $14,500 worth of damage to a warehouse in Miami owned by Team Shirts.This loss would be reported on the income statement as part of ________.
A)discontinued operations
B)extraordinary items
C)depreciation expense
D)income from continuing operations

Question

Quizplus · Accepted Answer

The damage caused by Hurricane Octavio would be reported as part of income from continuing operations because it is a loss related to the normal business operations, not extraordinary or discontinued operations.

Hurricane Octavio Caused $14,500 Worth of Damage to a Warehouse