Team Shirts sold its surfboard operations for $125,000 and made a profit of $12,000 on the sale.This gain would be reported on the income statement as part of ________.
A)discontinued operations
B)extraordinary items
C)other revenues and expenses
D)continuing operations

Question

Quizplus · Accepted Answer

The gain from the sale of the surfboard operations would be reported as part of discontinued operations because it involves the disposal of a component of the business.

Team Shirts Sold Its Surfboard Operations for $125,000 and Made