Which are the nonrecurring items


Response to the following problem:

The following relate to the income statement of Growth Company for the year ended 2010. What is the beginning inventory?

Purchases

$180,000

Purchase returns

5,000

Sales

240,000

Cost of goods sold

210,000

Ending inventory

30,000

1. $6,000

2. $65,000

3. $50,000

4. $55,000

5. $70,000

Which of the following items are considered to be nonrecurring items?

1. Equity earnings

2. Unusual or infrequent item disclosed separately

3. Discontinued operations

4. Extraordinary item

5. Cumulative effect of change in accounting principle.

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Accounting Basics: Which are the nonrecurring items
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