SOLUTION: University of New Haven Financial Statement Business Performance Discussion

Attached. Please let me know if you have any questions or need revisions.a.What is disclosed in an income statement? Be specific.An income statement is one of the crucial financial statements that indicate thebusiness financial performance over a specific reporting time. The statements disclose thedaily activities that involve getting money in and out of business. Jagannath & Koller (2013)noted that the activities which are incorporated into income statements are; revenue, expenses,and profit/loss.Revenue is first listed, and it includes all the money that the organization earnedduring the covered time, e.g., sales. Expenses come after revenue and indicate money paid toall operating expenses incurred during the reported time, such as rent, transport, and bills.Profit/Loss is the difference between revenue earned minus the expenses incurred. It isdisclosed lastly but is the main focus of the business.a.What are the criteria (in addition to materiality) that must be met to classify anevent or transaction as extraordinary?Extraordinary items consist of profits/loss from events or transaction which were notfrequent (Mossberg 2019). They are showed separately from operating earnings since they arenot recurring in nature. For an event or transaction to be termed e…

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