Lee's Lions Had to Shut Down Its Store in Houston

question 97

Multiple Choice

Lee's Lions had to shut down its store in Houston.There was no buyer,so Lee's Lions sold the store equipment and closed out the business at a loss.This loss would be reported on the income statement as part of ________.

• A)continuing operations
• B)discontinued operations
• C)extraordinary items
• D)other revenues and expenses

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Definitions:

Local Level

Pertaining to governance, decision-making, or implementation that occurs at the most immediate, community-based part of society, such as cities or towns.

Spoils System

A political practice where a political party, after winning an election, gives government jobs to its supporters as a reward and as an incentive to keep working for the party.

Bureaucratic Appointments

The process of assigning individuals to positions within governmental organizations or agencies, often based on qualifications and sometimes political affiliations.

President Andrew Jackson

The seventh President of the United States (1829-1837) known for his populist policies and role in the Indian Removal Act.