WHAT IS THE TOTAL 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: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the…
Q: Define Total comprehensive income
A: Comprehensive income includes both net income and unrealized income or losses on financial…
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 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: how much was net income?
A: Net Income = Change in Retained Earnings + Dividend paid Retained Earnings in 2017 = Total…
Q: what is a condensed income statement
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
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: how do you calculate the net income
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: Define accrual-basis net income.
A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…
Q: What is comprehensive income?
A: Definition: Comprehensive Income: When there is a change in the total stockholder's equity from all…
Q: What does the gross profit percentage measure, and how is it calculated?
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: How to prepare SOFP AND INCOME STATEMENT for this question?
A: Financial statements are the records of the economic activities performed by the business to earn…
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: Explain how to report other comprehensive income.
A:
Q: Definition of income measurement?
A: The income statement is one of the financial statement of the business.
Q: What is the net income What is the total comprehensive income/loss?
A: Comprehensive Income has all increases in equity over a lifetime, with the exception of those…
Q: What is net income? Give three examples?
A: Net income is the calculation of the remaining amount with an organization after deducting taxes,…
Q: By what name does Target label its income statement?
A:
Q: What is the projected net income?
A: A budget can be defined as a quantitative statement developed to ascertain the funds required…
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: What are incomes
A: Expenses means the amount spent on running the business where as income means the amount earned…
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: Describe comprehensive income and its components.
A: Definition: Comprehensive income: Comprehensive income represents the amount of net income plus…
Q: What is gross income?
A: The concept of gross income can be understood in two contexts 1. for corporates 2. for individuals
Q: What are the definition criteria of an income and an expense?
A: Ans. Income is money what an individual or business receives in exchange for producing goods or…
Q: describe, calculate, and interpret comprehensive income;
A: The income statement is considered an important financial statement as it helps in order to get the…
Q: Distinguish between operating income and net income?
A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…
Q: Define Comprehensive income.
A: Income: This is the amount earned from operations of a business. The operating activities are sale…
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: Discuss how to report various income items.
A: Introduction Income/Revenue is the money received from business/profession/service. There are many…
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: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
Q: How is gross profit calculated, and what does it represent?
A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…
Q: What do you mean by the term "income approach"?
A: The income approach is a real estate valuation technique that is computed by dividing the…
Q: How do you calculate net income if retained earning and dividend is given?
A: Net Income = Ending retained earnings - Beginning retained earnings + Dividend
Q: what is net income ?
A: Net income is the profit after tax where the profit is the net profit after interest and…
Q: what is Income Projections
A: An income projection statement is a formal document prepared by finance or accounting officers…
Q: Define the term income summary.
A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…
Q: what is the revenue and gross profit
A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…
WHAT IS THE TOTAL COMPREHENSIVE INCOME?
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- Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Additional data: 1. A physical count reveals an ending-inventory of 22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuchs cost of goods sold. 2. Prepare a multiple-step income statement. 3. Prepare a single-step income statement.Multiple-Step and Single-Step In coin Statements The following items were derived from Gold Companys December 31 adjusted trial balance: Additional data: 1. Screen thousand share of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a multiple-st income statement. 2. Prepare a single step income statement. 3. Next Level Discuss how Gold Companys income statement in Requirement I might be different if it used IFRS
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…
- The following is the trial balance for Amelina Sdn. Bhd. as at 31 December 2020 Additional information: Inventory at 31 December 2020 amounted to $52,360. Rates owing $280, office expenses owing $190. Dividend of 10 per cent proposed. Transfers to reserves: General $1,000; Foreign exchange $800. Depreciation on cost: Buildings 5 per cent; Equipment 20 per cent. Required: Prepare the Statement of Comprehensive Income for the year to and the Statement of Financial Position for Amelina Sdn. Bhd. as at 31 December 2020 for INTERNAL USE. DR CR $ $ Bank 6723 Trade Receiveables 18910 Trade Payables 12304 Inventory at 31/12/19 40360 Buildings at cost 100000 Equipment at cost 45000 Accumulated profits as at 31/12/19 15286 General Reserve 8000 Foreign exchange reserve 4200 Authorized and issued share capital 100000 Purchases 72360 Sales 135486 Carriage inwards 1570 Carriage outwards 1390 Salaries 18310 Rates…Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.Sprite Company had the following liabilities at December 31, 2019:Trade accounts payable, net of debit balances totaling P65,000 in supplier’saccounts P1,125,000Accrued expenses 136,000Interest payable 96,000Income tax payable 150,000Mortgage payable due in equal annual instalments until October 31, 2024 750,000Share dividends declared but not yet issued 300,000Notes payable (due on January 1, 2021) 250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?a. P1,722,000 c. P2,207,000b. P1,272,000 d. P2,022,000
- 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…