Question

Define comprehensive income. What are the two ways companies can present comprehensive income?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Explain the term supply chain and its importance to cost management.

A: Definition:   Value chain: A value chain refers to certain activities executed by a firm to enrich t...

Q: Tan Chin Company purchases a building for $11,300,000 on January 2, 2020. An engineer’s report shows...

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its...

Q: Describe how manufacturing-, merchandising-, and service-sector companies differ from one another.

A: Manufacturing Companies: Merchandiser is a person or organization who buys goods with the purpose of...

Q: The market value of Yeates Corporation’s common stock had become excessively high. The stock was cur...

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of...

Q: Need help with the red boxes. Thank you

A: Before preparing of retained earnings statement, we need to prepare income statement as below:

Q: Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumula...

A: For sale of used Truck Particulars Debit ($) Credit ($) Bank A/c 3,000   Accumulated Deprecia...

Q: The current asset section of Stibbe Pharmaceutical Company’s balance sheet included cash of $20,000 ...

A: Click to see the answer

Q: Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2020, i...

A: An asset is a resource owned by an entity that has a future benefit attached to it.

Q: What is the flow of inventoriable and periodcosts in manufacturing and merchandisingsettings?

A: Inventoriable costs: It is the costs of inventory hold by the business. It is shown as asset until t...

Q: Recording and Reporting a Bad Debt Estimate Using Aging Analysis  E14-13  Chou Company uses th...

A: 1. Record appropriate adjusting entry for bad debt expense for current year as shown below:     Wor...

Q: Laurel contributed equipment worth $225,000, purchased 6 months ago for $247,000 cash and used in he...

A: In the given situation, Laurel contributed equipment worth $225,000, purchased 6 months ago for $247...

Q: The following information was taken from the accounting records of Oak Corporation for the year ende...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: Chapter 4     Pg. 318 Facility, Product, Batch and Unit Levels.Would you please explain in great det...

A: The Facility, Product, Batch and Unit Levels are concerned with Activity based costing system which ...

Q: Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $2,150,...

A: The amount of the adjusting entry for uncollected accounts: Adjusting accounts = Sales * 1% *(1/4) A...

Q: Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the ...

A: Step 1: The computation of taxable earnings are shown below: Note: As per the question, Federal in...

Q: Internal Controls Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibr...

A: An internal control refers to the policies, methods used by the management of the company for ensuri...

Q: What functions should be separated to segregaterecord keeping from asset custody?

A: Assets: Assets are those items that provide value for money and future economic benefit for an organ...

Q: Neither depreciation on replacement cost nor depreciation adjusted for changes in the purchasing pow...

A: Depreciation: Depreciation can be defined as the reduction in the value of an asset due to its wear ...

Q: J & G Distilleries makes one of its products by way of three separate stages. Details of product...

A: Prepare the process account for each process as shown below: Fermenting process account: Distillin...

Q: Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by p...

A: 1. Prepare a cost production report of roasting department as shown below:      

Q: Fernandez Corporation purchased a truck at the beginning of 2020 for $50,000. The truck is estimated...

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to ...

Q: Bronson Paper Products purchased 10,000 acres of forested timberland in March 2020. The company paid...

A: Compute the amount of depreciation and depletion expense for 2020.

Q: Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed...

A: The break-even point (units) refers to the number of total units at which the firm is at no profit n...

Q: Indicate where the following items would be shown on a balance sheet. a.    A lien that was attached...

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of credito...

Q: Nowell Inc. had the following stock issued and outstanding at January 1, 2018:   150,000 shares of ...

A: In case of cumulative preferred stock, any arrears dividend needs to be added to the preferred divid...

Q: Required: Prepare the following for the first quarter: 1. Cost of goods sold budget. 2. Selling and ...

A: The budget is prepared by the company to estimate the mount of future expenses and future incomers. ...

Q: Grael Technology has two divisions, Consumer and Commercial, and two corporate service departments, ...

A: Note: Corporate administrative expenses are not related to divisions. So, it is not apportioned to d...

Q: Distinguish between manufacturing-, merchandising-, and service-sector companies.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic transaction...

Q: The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,527. During Oct...

A: 1. Prepare the bank reconciliation as of October 31, 20Y9.

Q: What are the total time in days for the following notes. (Assume there are 28 days in February.)    ...

A:  

Q: The management of Petro Garcia Inc. was discussing whether certain equipment should be written off a...

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want a...

Q: Cosmo contributed land with a fair market value of $470,000 and a tax basis of $115,300 to the Y Mou...

A: Answer: Tax Basis- When two or more partners contribute any assets for the partnership business then...

Q: Describe the accounting treatment for the disposal of property, plant, and equipment.

A: Property, plant and equipment:   Property, plant and equipment are the tangible assets which are piv...

Q: Presented below is information related to equipment owned by Pujols Company at December 31, 2020. ...

A:   Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating as...

Q: Linda Butler is the new division controller of thesnack-foods division of Daniel Foods. Daniel Foods...

A: The management is responsible for presenting a true and fair view of the financial statements. Howev...

Q: May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000. S...

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period ...

Q: Variable costs, fixed costs, relevant range. Gummy Land Candies manufactures jaw-breaker candies in ...

A: Requirement 1: Calculate the current annual relevant range of output.

Q: Instructions The following comparative income statement (in thousands of dollars) for two recent fis...

A: Vertical analysis: The comparison of an item of a financial statement against the total amount of th...

Q: ngela Corporation issues 2,000 convertible bonds at January 1, 2019. The bonds have a 3-year life, a...

A: a. Note: 0.79383 value taken from PVIF table (8% , 3 years),            2.57710 value taken from PV...

Q: Journal Entries (Note Received, Renewed, and Collected)  Jan. 16  Received a 30-day, 6% note in p...

A: Journal entries:

Q: J & G Distilleries makes one of its products by way of three separate stages. Details ofproducti...

A: 1. Prepare the process account for each process as shown below:   Fermenting process account:     D...

Q: The cash record of Silver Maple Art Gallery for April, 2014 follows: Cash Receipts (CR) Cash Payment...

A: 1. Prepare Silver Maple Art Gallery’s bank reconciliation at April 30,2014 as shown below:  

Q: Indicate whether the following items are capitalized or expensed in the current year. a.Purchase co...

A: Indicate whether the following items are capitalized or expensed in the current year: (a)   The p...

Q: Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions w...

A: Journalize the entries to record the transactions of Niles Co. for March.  

Q: It has been suggested that plant and equipment could be replaced more quickly if depreciation rates ...

A: Definition:   Depreciation expense: Depreciation expense is non-cash expenses, which is recorded on...

Q: How should managers estimate and interpretcost information?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a servic...

Q: The condensed income statement for the Consumer Products Division of Fargo Industries Inc. is as fol...

A: a. Using the DuPont formula for return on investment, determine the profit margin, investment turnov...