Question

A description of the facts and circumstances leading up to the sale and, if held for sale, the expected manner and timing of the sale

the revenues and pretax income (loss) of the component included in its operating income (loss) reported in the results from discontinued operations section of the company's income statement
if not separately reported on its income statement, the gain (loss) on the sale and the caption on the income statement that includes the gain (loss)
if not separately reported on its balance sheet, the book values of the major classes of assets and liabilities

Answer 1

Financial assets are investments or securities with a monetary value that businesses sell for various reasons. The income statement reports revenues, pre-tax income (loss), and gain (loss) on the sale, if not separately reported. Book values on the balance sheet show the historical cost of assets and the business's obligations or debts.

Step-by-step explanation:

In business, financial assets refer to investments or securities that have a monetary value. Businesses sell these financial assets for various reasons, such as generating cash flow, reducing risk, or adjusting their investment portfolios. When businesses plan to sell financial assets, they consider the facts and circumstances leading up to the sale, including the expected manner and timing of the sale.

The revenues and pre-tax income (loss) of the component included in its operating income (loss) are reported in the results from discontinued operations section of the company's income statement. The gain (loss) on the sale, if not separately reported on the income statement, is included under a specific caption on the income statement.

The book values of the major classes of assets and liabilities, if not separately reported on the balance sheet, provide information about the financial position of the business. These book values indicate the historical cost of assets and the obligations or debts the business owes.