Question
In: Accounting
Within the income statement, there is a concept called comprehensive income. Some companies will present this...
Within the income statement, there is a concept called comprehensive income. Some companies will present this as a separate statement. How would you explain the concept of comprehensive income, the challenges presented by comparing a GAAP income statement to an IFRS prepared income statement and how is this related?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
2. Across some Scandinavian countries an experiment with a concept called Universal Basic Income is taking...
2. Across some Scandinavian countries an experiment with a
concept called Universal Basic Income is taking place. The next
question relate to this issue
a. Please do a search UBI and explain what it is.
b. Using the budget line and indifference curve between income
and leisure,
• Draw and explain what would happen to the budget line, be
sure to discuss if there are changes in the slope or not. Draw the
new utility maximization income-leisure combination
• Based...
Compare and contrast the concept of capital maintenance, comprehensive income, and retained earnings.
Compare and contrast the concept of capital maintenance,
comprehensive income, and retained earnings.
Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of...
Permata Berhad’s Statement of Comprehensive Income and Statement
of Financial Position are given below.
Statement of Comprehensive Income for the year ended 31
December 2019
$’000
Revenue (Sales)
1,440
Cost of goods sold
(140)
Staff cost
(180)
Depreciation
(200)
Loss on sale of plant
(30)
890
Interest expense
(40)
Gain on sale of investment
25
Income from investment
50
Profit before taxation
925
Taxation
(210)
Profit after taxation
715
Other Comprehensive Income
Surplus on revaluation of land
100
Total comprehensive...
Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of...
Permata Berhad’s Statement of Comprehensive Income and Statement
of Financial Position are given below.
Statement of Comprehensive Income for the year ended 31
December 2019
$’000
Revenue (Sales)
1,440
Cost of goods sold
(140)
Staff cost
(180)
Depreciation
(200)
Loss on sale of plant
(30)
890
Interest expense
(40)
Gain on sale of investment
25
Income from investment
50
Profit before taxation
925
Taxation
(210)
Profit after taxation
715
Other Comprehensive Income
Surplus on revaluation of land
100
Total comprehensive...
The statement of comprehensive income of kolad plc, a publicly listed company, is as follows: Statement...
The statement of comprehensive income of kolad plc, a publicly
listed company, is as follows:
Statement of comprehensive income for the year ended 31
March 2020
£000
Revenue
33,600
Cost of sales
(22,500)
Gross profit
11,100
Distribution costs
(3,600)
Administrative expenses
(3,450)
Finance costs
(300)
Profit before tax
3,750
Income tax expense
(150)
Profit for the year
3,600
Gain on revaluation
250
Total comprehensive income
3,850
The following supporting information is available:
Depreciation of £965,000 was charged (to cost of...
Statement of profit or loss and comprehensive income and statement of changes in equity. Determine whether...
Statement of profit or loss and comprehensive income and
statement of changes in equity. Determine whether the following
transactions would appear in the statement of profit or loss and
other comprehensive income. If so explain how they would be
disclosed.
(a)A gain on foreign currency translation of $83 000.
(b)As a result of a fall in share prices in a recession,
directors decided to write down the value of the company’s
investment, Shares in Pluto Ltd, by $80 000.
(c)...
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial...
prepare the financial statements of the Company:
A) Statement of Comprehensive Income
B) Statement of Financial Position
C) Statement of Changes in Owner's Equity
Accounts Payable
63,200.00
Accounts Receivable
74,100.00
Accrued Expenses
20,300.00
Accrued Income
5,000.00
Accumulated Depreciation - Equipment
20,000.00
Accumulated Depreciation - Furniture
10,000.00
Bonds Payable
1,500,000.00
Capital
517,685.00
Cash in Bank
280,000.00
Cash on Hand
35,000.00
Depreciation Expense - Furniture
500.00
Depreciation Expense - Equipment
...
Consider the following statement of comprehensive income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of...
Consider the following statement of comprehensive income for
the Dartmoor Corporation:
DARTMOOR CORPORATION
Statement of Comprehensive Income
Sales
$
47,000
Cost
31,300
Taxable income
$
15,700
Taxes (35%)
5,495
Net income
$
10,205
Dividends
$
2,500
Addition to retained
earnings
7,705
The statement of financial position for the Dartmoor Corporation
follows. Based on this information and the statement of
comprehensive income, supply the missing information using the
percentage of sales approach. Assume that accounts payable vary
with sales,...
Consider the following statement of comprehensive income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of...
Consider the following statement of comprehensive income for
the Dartmoor Corporation:
DARTMOOR CORPORATION
Statement of Comprehensive Income
Sales
$
47,000
Cost
31,300
Taxable income
$
15,700
Taxes (34%)
5,338
Net income
$
10,362
Dividends
$
2,500
Addition to retained
earnings
7,705
The statement of financial position for the Dartmoor
Corporation follows.
DARTMOOR CORPORATION
Statement of Financial Position
Assets
Liabilities and Owners’ Equity
Current assets
Current liabilities
Cash
$
2,950
Accounts payable
$
2,400
Accounts receivable
4,100
Notes...
Describe the general purpose of the statement of comprehensive income. In addition, explain the terms income...
Describe the general purpose of the statement of comprehensive
income. In addition, explain the terms income and expenses as
defined by the Conceptual Framework for Financial Reporting. [15
marks]
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