46) Put an X in the appropriate box to show where each of the following items would be reported on the income statement. Item Included in income from continuing operations Below income...

46) Put an X in the appropriate box to show where each of the following items would be reported on the income statement.

47) What is treated as an extraordinary item on an income statement?

48) Marcy owned a small café and a catering business. Both the café and catering business were properly combined on the financial statements that were provided to the bank and to investors. The catering business is outperforming the café, so Marcy plans to sell the café and concentrate on the catering business. Her accountant has told her that her income statement will be different this year because she is selling the café. Explain to Marcy why the income statement for her business operations has to be different this year.