There are different types of revenues (revenues from operations and other revenues) and they are presented separately but... I might be wasting my time here... Please tell me the CFO part of your name does not stand for Chief Finance Officer...
And by the way, when you state the following: "My basic accounting 101 says that revenues from operations less costs equals net profit. " Be careful of the terms you use.
Revenue from operations Minus: costs (cost of good sold) Equals: GROSS MARGIN Minus: operating expenses Equals: profit from operations Plus: other income Equals: profit before income taxes Minus: income taxes Equals: NET PROFIT
When a creditor forgives a debt without requiring consideration in return. The amount of debt that is forgiven by cancellation of debt is considered income to the debtor and must be reported as a result. In most cases, it is taxable as ordinary income and is known as cancellation-of-debt (COD) income.
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