Presented Below is Information related to Matrix Company at
December 31,2018 the end of its first year of operations:
Account Balance
Question 1: What is income from continuing operations?
Question 2: What is the difference between continuing operations and net income?
Account Balance
| Sales Revenue | $775,000 |
| Cost of Goods Sold | $350,000 |
| Selling and administrative expenses | $125,000 |
| Gain on sale of plant assets | $75,000 |
| Unrealized gain on available-for sale debt investments | $25,000 |
| Interest expense | $15,000 |
| Loss on discontinued expense | $30,000 |
| Dividends declared and paid | $12,000 |
Question 2: What is the difference between continuing operations and net income?
