Exam 5: Statements of Net Income and Comprehensive Net Income

The Stockholders' Equity section of 20X1 balance sheet for Beengo Enterprises is presented below: For the year ended December 31,20X2,the statement of comprehensive income reported $5,678 net income and $4,987 comprehensive income.During 20X2,Beengo paid $2,200 in dividends,issued $2,000 of no-par common stock,then repurchased $300 of its shares at the end of the reporting period.Prepare the statement of stockholders' equity for 20X2.

Which of the following is an advantage of the two-statement approach to reporting other comprehensive income (OCI)?

Evaluating whether the disposal of a component of an entity constitutes a discontinued operation begins with ________.

IFRS requires companies to report specific items on the income statement including finance costs.

In what ways do the accounting standards allow companies to present their report about comprehensive income in the financial statements?

Which of the following is considered to be a characteristic of the usefulness of income statements?

The two parts that compose comprehensive income are operating income and net income.

What is a noncontrolling interest and what does it represent in the income statement?

What items are included in a company's operating income?

Which of the following is considered to be a limitation of income statements?

The "nature approach" to classifying expenses refers to classification by source such as salary costs or rent expense.

Which of the following transactions is not reported as other comprehensive income according to U.S.GAAP?

Which of the following is an earnings management technique that involves increasing a current loss to show a future increase in net income?

Comprehensive income is comprised of elements explicitly excluded from net income.

The noncontrolling interest line item on the income statement represents ________.

Biglo Chemical Company reported the following in the statement of comprehensive income for the year ended December 31: During the year,the company paid $65,000 in dividends and purchased treasury stock with a par value of $10,000 at a cost of $70,000.If the balance of Retained Earnings at the beginning of the year was $3,700,000,what is the balance of Retained Earnings at the end of the year?

What is the amount of operating income for Cambridge Company?

Under IFRS,the statement of stockholders' equity summarizes changes of exactly three elements: contributed capital,retained earnings,and other comprehensive income.

How are expenses similar to losses and how are they different?

Which of the following is a classification of expenses using the functional approach?