Concept explainers
a.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: The multi-step income statement.
b.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: The single-step income statement.
c.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: A comprehensive income statement.
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