Income Statement Format

Required By APB Opinion No, 30

Income From Continuing Operations $XXX

Discontinued Operations XX

Extraordinary Gains & Losses XX

Cumulative Effect of a change in Accounting Principal XX

Net Income XXX

Ø Each of these 4 categories on the income statement are shown net of tax (intra-period tax allocation).

Ø The term “income from continuing operations” is only used if discontinued operations exist