The following amounts are from Silverton Co.'s 2014 income statement: What amount would Silverton show for income from continuing operations on a multiple-step format income statement?

Question

The following amounts are from Silverton Co.'s 2014 income statement:  What amount would Silverton show for income from continuing operations on a multiple-step format income statement?

Quizplus · Accepted Answer

Income from continuing operations is calculated by subtracting the expenses from the revenues of the continuing operations section. In Silverton Co.'s income statement, the revenues of continuing operations are $190,000 and the expenses are $133,000. Thus, the income from continuing operations is $190,000 - $133,000 = $57,000.

The Following Amounts Are from Silverton Co