In the 2009 income statement for Foxtrot Co., it would report:
A)Income (loss) on its total operations for the year without separation.
B)Income (loss) on its continuing operation only.
C)Income (loss) from its continuing and discontinued operations separately.
D)Income and gains separately from losses.

Question

Quizplus · Accepted Answer

The income statement for Foxtrot Co. in 2009 would report income (loss) from continuing and discontinued operations separately, as per accounting standards which require the separation of these items for clarity and better financial analysis.

In the 2009 Income Statement for Foxtrot Co