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The Income Statement, Comprehensive Income, and
the Statement of Cash Flows
Chapter 4
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
4-2
An income statement for a hypothetical manufacturing company that you can refer to as we proceed through the chapter.
4-3
Income from Continuing Operations
Revenues
Inflows of resources resulting from providing goods or services to customers.
Expenses
Outflows of resources incurred in generating revenues.
Gains and Losses
Increases or decreases in equity from peripheral or incidental transactions of an entity.
Income Tax Expense
Because of its importance and size, income tax expense is a separate
item.
4-4
Operating versus Nonoperating Income
Operating Income
Includes revenues and expenses directly related to the principal revenue-generating activities of the company
Nonoperating Income
Includes certain gains and losses and revenues and expenses related to peripheral or incidental activities of the company
4-5
Earnings Quality
Earnings quality refers to the ability of reported earnings to predict
a company’s future earnings.
Transitory Earnings versus
Permanent Earnings
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