21.   Just in time for annual report season, stock investors have to go back to perusing balance sheets and income statements.

22.   Levin has sponsored legislation that would require companies to count options as an expense on their income statements.

23.   McConnell said she was somewhat surprised that more companies had not chosen to run their option expenses through their income statements last year.

24.   Nor would they be as specific when pressed about their operations and income statements.

25.   None of these problems are showing up yet on bank income statements and balance sheets.

26.   On the other hand, gains and losses from foreign currency transactions do show up on the income statement and either help or hurt earnings.

27.   One place to look for red flags is in a comparison of the income statement and statements of cash flows, he said.

28.   Options that are never repriced never show up on the income statement.

29.   Previously, it was much easier to keep such setbacks off the income statement.

30.   Restructuring expenses are segregated from other expenses on the typical income statement.