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STATEMENT-OF-COMPREHENSIVE-INCOME

The document outlines the statement of comprehensive income, detailing two primary formats: single-step and multi-step. The single-step format lists revenues and expenses in separate sections, while the multi-step format involves several steps to calculate net income, commonly used by merchandising and manufacturing companies. It also categorizes sources of income and classifies expenses into selling, general and administrative, and other expenses.

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3 views11 pages

STATEMENT-OF-COMPREHENSIVE-INCOME

The document outlines the statement of comprehensive income, detailing two primary formats: single-step and multi-step. The single-step format lists revenues and expenses in separate sections, while the multi-step format involves several steps to calculate net income, commonly used by merchandising and manufacturing companies. It also categorizes sources of income and classifies expenses into selling, general and administrative, and other expenses.

Uploaded by

gennalferezwork
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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STATEMENT OF

COMPREHENSIVE
INCOME
Statement of comprehensive income

Nominal Accounts
Forms of statement of comprehensive
income

Single - step
• revenues are listed down in one section while all
expenses are listed in another. This is commonly
used by service companies.
Multi - step
• there are several steps needed in order to arrive at
the company’s net income. This format is commonly
used by merchandising and manufacturing
companies.
Single – step
Multi – step
Multi – step (Note)
Multi – step (Note)
Multi – step (Note)
Multi – step (Note)
Sources of Income
Sale of merchandise to customers

Rendering of Service

Use of entity resources

Disposal of resources other than products

Other Income
Classification of Expenses

Selling Expense or Distribution Cost

General and Administrative Expense

Other Expenses

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