54 of 100 Which of the following presentation formats is permitted by Statement

Question

54 of 100 Which of the following presentation formats is permitted by Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income"? A single statement of income and comprehensive income Two statements of income, a traditional income statement ending with net income, and a second statement beginning with net income, all the elements of comprehensive income, and a total of comprehensive income. Within the statement of changes in stockholders equity a land O b. Only I O c.l,ll,and 111 O d. I and 7-13 PM 9/24/2018

Explanation / Answer

Answer is d. I and II. Explanation: The reporting on comprehensive icnome van be made through a single statement showing all steps through to the comprehensive income. Or a multiple statement showing Net income in the first step and then comprehensive income is computed in the second statement.

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