ZuoTi.Pro
Question

Q 4.18: With regard to comprehensive income, how does net income differ in a one statement approach compared to a two stateme

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer for the above Question -


C. Net income is reported as a subtotal in a one statement approach but as a total on a two statement approach.

Explanation -

A. Net income in a one statement approach is used to calculate earnings per share, but earnings per share are not reported in a two statement approach. - False

B. Net income includes comprehensive income in a one statement approach but not in a two statement approach.- False

C. Net income is reported as a subtotal in a one statement approach but as a total on a two statement approach. True

D. Net income includes income, expenses, gains, and losses all together in a one statement approach, but income and expenses are separated from gains and losses when calculating net income in a two statement approach.- False

0 0
Add a comment
Know the answer?
Add Answer to:
Q 4.18: With regard to comprehensive income, how does net income differ in a one statement...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Discuss the plan for convergence of the U.S. GAAP in regards to the statement of net...

    Discuss the plan for convergence of the U.S. GAAP in regards to the statement of net income, which includes the multiple and single step income statement formats with IFRS. In this standard, the U.S. GAAP has single step and multiple step income statement formats that combine revenues and gains and all expenses and losses. Multiple step income statement formats report numerous important performance measures before calculating income from continuing operations and net income. This also includes gross profit, operating income,...

  • DB 4.8 - Comprehensive Income Francona Corporation reported the following for the current year: net sales...

    DB 4.8 - Comprehensive Income Francona Corporation reported the following for the current year: net sales $6,000,000, cost of goods sold $3,750.000; selling and administrative expenses $1.600.000: and an unrealized holding gain on available-for-sale securities $90.000, Required: Prepare a statement of comprehensive income (as discussed and illustrated on pages 22-23 of Chapter 4), using (a) the one statement format and (b) the Iwo statement format Ignore income taxes and earnings per share,

  • For the fiscal year ending December 31, 2017, Blossom Led. reported net sales of $7,210,000 and...

    For the fiscal year ending December 31, 2017, Blossom Led. reported net sales of $7,210,000 and cost of goods sold of5,790,000. The company had selling and administrative expenses of $440,000. During the year, the company sold some equipment for ain of $24,600, and had unrealized holding gains on investments designated as gains/losses through other comprehensive income (OCI) of $4,800 Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS) Income

  • Answer the questions: True or False PLEASE NEED HELP ASAP 11. In calculating earnings per share,...

    Answer the questions: True or False PLEASE NEED HELP ASAP 11. In calculating earnings per share, companies deduct preferred dividends from net income if the dividends are declared. (T/F) 12. Data on earnings per share data are required on the face of the statement of retained earnings. (t/F) 13. Comprehensive income includes dividend revenue, losses on disposal of assets, and investments by owners. (T/F) 14. Unrealized gains on available-for-sale securities are included in comprehensive income. (T/F) 15. Selling expenses include...

  • E4.15 (LO 2,5) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000,...

    E4.15 (LO 2,5) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on available-for-sale debt securities $18,000. Instructions Prepare a statement of comprehensive income, using (a) the one statement format, and (b) the two statement format. (Ignore income taxes and earnings per share.) E4.16 (LO 5) (Comprehensive Income) C. Reither Co. reports the following information for 2020: sales revenue $700,000, cost...

  • Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...

    Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...

  • Use the Income Statement, Statement of Comprehensive Income, and Balance Sheet for Alphabet (Google) to answer...

    Use the Income Statement, Statement of Comprehensive Income, and Balance Sheet for Alphabet (Google) to answer the following questions. 1. How much is the change in equity from non-owner sources for the most current year? Show the amount and the name of the line item. 2. How much are the outflows, using up of asset, or incurrence of liabilities for the most current period? Show the amount and the name of the line item. 3. How much is income from...

  • Splish Corporation reported the following for 2020: net sales $1,242,800, cost of goods sold $737,700, selling...

    Splish Corporation reported the following for 2020: net sales $1,242,800, cost of goods sold $737,700, selling and administrative expenses $329,500, and an unrealized holding gain on available-for- sale debt securities $16,600. Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) SPLISH CORPORATION Statement of Comprehensive Income Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) SPLISH CORPORATION Income Statement SPLISH CORPORATION Comprehensive...

  • Swifty Corporation reported the following for 2020: net sales $1,234,800, cost of goods sold $724,000, selling...

    Swifty Corporation reported the following for 2020: net sales $1,234,800, cost of goods sold $724,000, selling and administrative expenses $323,000, and an unrealized holding gain on available-for-sale debt securities $22,700. Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) SWIFTY CORPORATION Statement of Comprehensive Income Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) SWIFTY CORPORATION Income Statement SWIFTY CORPORATION Comprehensive Income...

  • Marigold Corporation reported the following for 2020: net sales $1,231,600, cost of goods sold $721,400, selling...

    Marigold Corporation reported the following for 2020: net sales $1,231,600, cost of goods sold $721,400, selling and administrative expenses $329,500, and an unrealized holding gain on available-for-sale debt securities $24,500. Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) MARIGOLD CORPORATION Statement of Comprehensive Income VI Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) MARIGOLD CORPORATION Income Statement MARIGOLD CORPORATION Comprehensive...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT