Explain the what is statement of comprehensive income. Discuss the accounts contained in statement of comprehensive income.

Q: determine the net income

A: To determine the Net income of the business. We have to prepare Income Statements to determine the…

Q: To arrive at comprehensive income, additional items are included

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Define Total comprehensive income

A: Comprehensive income includes both net income and unrealized income or losses on financial…

Q: Statement of comprehensive income can be presented as

A: Statement of Comprehensive Income can be defined as the statement that contains the summary of the…

Q: Please see below. Use the accounts listed to create a multistep income statement.

A: Multi step income statement is a statement which categories operating and non operating incomes and…

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: What are the two ways that other comprehensive income may be displayed (reported)?

A: Income:   It refers to the earnings of the organization from their business activity for a period of…

Q: According to our authors, define and provide an example of “comprehensive income.”

A: Comprehensive Income: The term "comprehensive income" refers to the combination of "net income" and…

Q: Explain the difference between net income and comprehensive income and howwe report components of…

A: Financial statement: Financial statement is a record of all the financial activities of the…

Q: Expenses on the income statement may be grouped by ?

A: Income Statement: The statement that is used for reporting a corporation's financial performance, in…

Q: Explain the difference between statement of financial position and statement of comprehensive…

A: The statement of comprehensive income represents the entity's financial performance (profitability)…

Q: List and describe the various formats available for the preparation of an Income Statement.

A: Income statement:   It is a financial statement that calculates the net income generated by a…

Q: explain the purpose of the income statement and what information it contains. Give examples .

A: Every business operates for the purpose of results and profits. At the end of accounting period,…

Q: Require a Income Statement

A: Financial statement means the trading and profit and loss account and balance sheet of the company…

Q: Provide Statement of Comprehensive Income

A: Comprehensive income Statement The purpose of preparing the comprehensive income statement to know…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: Required: Prepare comparative statement of income and retained earnings.

A: Answer:

Q: Briefly explain the concepts ‘Profit and loss, Other Comprehensive Income and Total Comprehensive…

A: Profit and loss: The profit and loss is a statement which is being prepared by the entities to know…

Q: Prepare a common size statement for the given income statement/statement of comprehensive income.

A: Introduction: Income statement: It tells the net profit or loss for the company. All revenues and…

Q: Explain the presentation of income statement.

A: Income Statement Income Statement is one of the key financial statements of a company It is used…

Q: Explain how to report other comprehensive income.

A:

Q: What is the difference between income statement and statement of comprehensive income?

A: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules and…

Q: Describe the basic format of an income statement, listing all its sections.

A: Income statement Income statement is refer as the statement which summarizes the revenue and…

Q: How to calculate income statem

A: Income Statement The income statement is one in all the main financial statement for a business that…

Q: How do we report components of comprehensive income created during the reporting period?

A: Comprehensive income: Comprehensive income refers to the amount of net income plus other…

Q: . Use the accounts listed to create a multistep income statement.

A: solution multistep income statement is a income statement where the operating income and expenses…

Q: What is meant by the terms elements and items as theyrelate to the income statement? Why might items…

A:

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: Define Comprehensive income.

A: Income: This is the amount earned from operations of a business. The operating activities are sale…

Q: hat basic relationship can we see in an income statement?

A: solution concept income statement is a financial statement which presents the revenue , expenses…

Q: describe the components of the income statement and alternative presentation formats of that…

A: Income statement is also called profit or loss a/c. Income statement shows the performance of the…

Q: Prepare the single-step Statement of Comprehensive Income.

A: The income statement is prepared to find the net income or loss incurred during the period.

Q: define and provide an example of “comprehensive income.”

A: The income represents the earnings of the company. The income is the total profit or earnings. One…

Q: Discuss how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: Prepare a Statement of Comprehensive Income

A: Statement of comprehensive income is one of the financial statement that is being prepared by the…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: describe other comprehensive income, and identify major types of items included in it.

A: Income statement: It refers to a financial statement that presents all the income earned by the…

Q: Use the accounts listed to create a multistep income statement

A: solution multistep income statement is a income statement in which we have to separately present the…

Q: Prepare the Statement of Comprehensive Income using single-step approach

A: Statement of comprehensive income is a financial statement which shows all incomes and all expenses…

Q: If this information was used to prepare an income statement Net Income should be:

A: Net Income is the amount of profit/losses left in the business after deducting all non-operating…

Q: Which of the following is notan acceptable way of displaying the components of other comprehensive…

A:

Q: Define the term income summary.

A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…

Q: Explain the nature of net income, revenue, andexpenses.

A: Revenues means all operating and non operating revenues of the business for a particular period of…

Q: Make a Statement of Comprehensive Income.

A: Income statement means the statement which show the cost of goods sold and selling price and give…