Which of the following describes how comprehensive income should be reported? 1) Must be reported in...
Which of the following describes how comprehensive income should be reported?
1) Must be reported in a separate statement, as part of a complete set of financial statements
2) Should not be reported in the financial statements but should only be disclosed in the footnotes
3) May be reported in a separate statement or in a combined statement of income and comprehensive income
4) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders’ equity; separate statements of comprehensive income are not permitted
Homework Answers
option 3 is correct.
The requirement is to be is to describe how comprehensive income should be reported. Comprehensive income may be reported in A separate statement or in combined statement of income and comprehensive income.
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