Unbelievable Income Statement And Statement Of Comprehensive Income
A statement of comprehensive income is the overall income statement that consolidates standard income statement which gives details about the repetitive operations of the company and other comprehensive income which gives details about the non-operational transactions such as the sale of assets patents etc.
Income statement and statement of comprehensive income. Cost of sales 1100000 Gross Profit 2100000 Other income - Interest income 360000 - Rental income 40000 400000 Operating expenses - Bad debt expense 220000. An income statement puts light on a companys financial events and is used for some major purposes. The Statement of Comprehensive Income is prepared with a goal to show the financial results of the company in a way that is useful to a wide range of interested parties and in a way that allows them to try to estimate the future net cash inflows of the company.
But dont depend solely on it. To calculate this a companys accountant will take the net income from the income statement and add or subtract this other income as necessary. A statement of comprehensive income provides details about a companys equity that the income statement does not provide.
The Statement of Comprehensive Income has two primary elements. Furthermore it allows for an indication of important trends. STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2018 Amount Particulars For the Year ended 30 June 2018 REVENUE Sales 3200000 Less.
GAAP allow also to present comprehensive income in the statement of shareholders equity. However it could be combined with the income statement. A standard CI statement is usually attached to the bottom of the income statement and includes a separate heading.
First The Income Statement. Another way to look at comprehensive income is as other income. The net income is the result obtained by preparing an income statement.
Statement of Comprehensive Income Whenever CI is listed on the balance sheet the statement of comprehensive income must be included in the general purpose financial statements to give external users details about how CI is computed. A the income statement and b the statement of comprehensive income that begins with profit or loss from the income statement. STATEMENT OF COMPREHENSIVE INCOME.