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FINANCIAL ACCOUNTINGFORMATION 2 EXAMINATION APRIL 2013 NOTES:You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all

How to fill out statement of comprehensive income

How to fill out statement of comprehensive income

1. To fill out a statement of comprehensive income, follow these steps:
2. Start by including the title 'Statement of Comprehensive Income' at the top of the document.
3. List the specific reporting period for the statement, such as 'For the year ended December 31, 2021'.
4. Include a heading for revenue or income, and list all the sources of revenue for the period.
5. Subtract any costs of goods sold or operating expenses from the revenue to calculate the gross profit or operating income.
6. Proceed to list all other revenue or income items, such as interest income or gains from investments.
7. Deduct any expenses, such as depreciation, salaries, or taxes, from the gross profit or operating income to arrive at the net profit or income before tax.
8. Indicate any provision for income tax and deduct it from the net profit or income before tax to obtain the net profit or income after tax.
9. Include a section for 'Other Comprehensive Income' if applicable, which includes items that are not included in the net profit or income such as gains or losses on foreign currency translation, actuarial gains or losses on pension plans, or gains or losses on financial instruments.
10. Total all components of comprehensive income to arrive at the final figure for comprehensive income.
11. Finally, sign and date the statement of comprehensive income.
12. Remember to follow the applicable accounting standards or guidelines while preparing the statement of comprehensive income.

Who needs statement of comprehensive income?

1. The statement of comprehensive income is needed by various stakeholders, including:
2. - Shareholders or investors who want to assess the financial performance and profitability of the company.
3. - Lenders or creditors who need to evaluate the company's ability to repay debts or loans.
4. - Regulators or government agencies who require financial statements for compliance or oversight purposes.
5. - Company management or executives who want to monitor the financial performance and make informed business decisions.
6. - Potential business partners or investors who are considering a collaboration or investment in the company.
7. - Analysts or financial experts who analyze the company's financial statements to provide investment advice or recommendations.
8. - Auditors or accountants who review and attest to the accuracy and reliability of the financial statements.
9. The statement of comprehensive income provides a comprehensive view of a company's financial performance, including both the operating and non-operating activities, and is an essential component of the financial reporting process.

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What is statement of comprehensive income?

The statement of comprehensive income is a financial statement that shows a company's financial performance, including revenues, expenses, net income, and other comprehensive income.

Who is required to file statement of comprehensive income?

Publicly traded companies as well as private companies that choose to prepare comprehensive income statements are required to file statement of comprehensive income.

How to fill out statement of comprehensive income?

To fill out a statement of comprehensive income, you need to list revenues, expenses, gains, losses, and other comprehensive income items, and calculate the net income.

What is the purpose of statement of comprehensive income?

The purpose of the statement of comprehensive income is to provide investors, creditors, and other stakeholders with information about a company's financial performance.

What information must be reported on statement of comprehensive income?

The statement of comprehensive income must report revenues, expenses, gains, losses, net income, and other comprehensive income items.