Aug 17, 2017

Selling and administrative expenses include $26 million in restructuring costs.

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Income statement presentation; unusual items

The preliminary 2016 income statement of Alexian Systems, Inc., is presented below:

Additional Information:

1. Selling and administrative expenses include $26 million in restructuring costs.

2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $6 million is from the gain on sale of investments.

3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2015’s ending inventory. The amount is material.

Required:

For each of the three additional facts listed in the additional information, discuss the appropriate presentation of the item described. Do not prepare a revised statement.



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