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

Q: Which of the following is not a component of the formula used to distribute income?

A: Partnership: Partnership is a form of business organization in which two or more than two…

Q: Which of the following formulas properly produces the string "Income Statement"? =…

A: Income statement is a company's financial statement that shows profit and loss of of the firm over a…

Q: What does comprehensive income provides?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: What is comprehensive income, and what does it include?

A:

Q: what are the most significant differences between an income statement and a balance sheet?

A: The income statement and balance sheet are both part of the financial statements.

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: what is a condensed income statement

A: Definition: Financial statements: Financial statements are condensed summary of transactions…

Q: How do I determine net income

A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…

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: What are the typical elements that are itemized in the income statement?

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: What is an income summary account? Why it is needed?

A: Income summary accountIncome summary account is a temporary account primarily used for specific…

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

A: Comprehensive income includes unrealized profits or losses on hedge/derivative financial…

Q: Understand the uses and limitations of an income statement.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: How to prepare pro-forma income statement?

A: Income statement is a statement which shows all incomes, expenses for calculation of net profit or…

Q: What is a multiple-step income statement? What information does it provide beyond “bottom-line” net…

A: A multiple-step income statement is a part of financial statements in which net income is derived…

Q: What is comprehensive income?

A: Definition: Comprehensive Income: When there is a change in the total stockholder's equity from all…

Q: Which are the Typical elements that are itemized in the income statement?

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: What is the net income from the following incor

A: Net Sales = Sales - Sales return = 12800 - 360 = 12440

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: what is the difference in preparation of mutistep incomestatement and single step income statement?

A: Multi step income statement refers to the report that showcases the company's revenues, expenses,…

Q: What is meant by net income and net loss?

A: When the company has more amount of revenue it would have positive income whereas when company has…

Q: By what name does Target label its income statement?

A:

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: How to compute the amount of net income or net loss

A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…

Q: What are the advantages and disadvantages of thesingle-step income statement?

A: Income Statement: Income Statement is the part of the financial statement which is prepared to…

Q: How do I know what should or shouldn't be on an income statement from a list?

A: Income statement or statement of profit or loss is prepared to determine the net profit or loss…

Q: Distinguish between operating and nonoperating income in relation to the income statement.

A: Definition: The income statement is a statement that helps in calculating the income or the profit…

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: Explain how to report various income items.

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

Q: What is the net income

A: Income refers to the revenue which is received by the business when goods and services are sold or…

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

A:

Q: Net income calculated

A: Net income represents the income eared by the company that is presented in the income statement.

Q: What is the income-statement approach?

A: Allowance for Doubtful Accounts: Allowance for doubtful accounts is determined as the reduction in…

Q: What is the tabular approach for finding the net income?

A: Net Income is the profit calculated after deducting all the expenses and paying off all the…

Q: Measurement of income method consists of what exactly?

A: There are three methods of measurement of National Income. These are:  1. Product Method  2. Income…

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: What is the income-statement approach? When is it used?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Advantages and Disadvantages of Reporting Items in Other comprehensive income instead of on the face…

A: Other Comprehensive income: OCI includes all financial items which result in changes in the…

Q: How does EVA differ from accounting net income?

A: Economic Value Added and accounting net income are the methods of businesses that can be used to…

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: When is the The Income Statement used?

A: Income statement:   The financial statement which reports revenues and expenses from business…

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 purpose of income statement.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: What are the characteristics of a strong income statement?

A: