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Chapter 4
THE INCOME STATEMENT AND STATEMENT OF CASH FLOWS
© 2013 The McGraw-Hill Companies, Inc.
An income statement for a hypothetical manufacturing company that you can refer to as we proceed through the chapter.
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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.
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Operating versus Nonoperating Income
Operating Income
Includes revenues and expenses directly related to the principal revenue-generating activities of the company
Nonoperating Income
Includes gains and losses and revenues and expenses related to peripheral or incidental activities of the company
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Income Statement (Single-Step)
Proper Heading
Revenues & Gains
Expenses & Losses
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