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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- Meta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 42. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 43. What amount of bad debts are recognized for the current year? а. 60,000 b. 70,000 80,000 d. 110,000 С.Current Attempt in Progress The adjusted trial balance of Novak Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,200; Freight-Out $13,600; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Prepare the sales section of the income statement. Novak Corp. Income Statement (Partial) +AThe following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- The adjusted trial balance of Kingbird, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022 Sales Revenue $902,300; Freight-Out $12,700; Sales Returns and Allowances $19,000; and Sales Discounts $13,900. Prepare the sales section of the income statement. Kingbird, Inc. Income Statement (Partial) 11The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The adjusted trial balance of Pharoah Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2025: Sales Revenue $904,100, Freight-Out $13,400, Sales Returns and Allowances $20,100, and Sales Discounts $15,500. Prepare the sales section of the income statement. Sales Sales Revenue Less Sales Discounts Sales Returns and Allowances Dividends Expenses ✓ Net Income / (Loss) Net Sales Retained Earnings, November 1, 2024 Retained Earnings, October 31, 2025 Sales Total Expenses Total Revenues PHAROAH COMPANY Income Statement (Partial) For the Month Ended October 31, 2025 $ 15500 20100 69 $ $ 904100 868500 855100 Assistance Used
- The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
- The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.The following information was extracted from the financial records of Mxo Limited at 28 February 2021, the end of the financial year. 2021 2020 R R Inventory 75 300 22 400 Other financial assets 130 000 125 000 Other financial liabilities 159 000 180 000 Trade receivables 57 300 47 400 Trade payables 32 900 28 500 Additional information: 1. The gross profit percentage is 38% on sales. 2. Purchases for the year amounted to R295 000 and 49% thereof were on credit. 3. Ratios reported in year ended 28 February 2020: Trade receivables collection period – 66.9 days Trade payables payment period – 64.9 days Inventory turnover rate – 6 times 4. Only 27% of the total sales were cash sales.