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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is included in comprehensive income? Currently, under U.S. GAAP, what are the four items of other comprehensive income?

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

Explanation

Comprehensive Income:

The change that occurs in equity of a company from other events, transactions, and circumstances related to non-owner sources during a particular period is referred as Comprehensive income. The Comprehensive income includes all changes in equity, except those results from investments by owners and distributions to owners.

Describe the items that are included in the comprehensive income:

There are two items that are included in the comprehensive income of the company, they are:

  • Net income
  • Other comprehensive income

Other Comprehensive income (OCI):

OCI includes all financial items which result in changes in the stockholders’ equity, other than stock investments and dividends...

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