Answer to Question #244135 in Accounting for nicole

Question

B. Statement of Comprehensive Income (10 points)

Directions: Construct and improvise a Statement of Comprehensive Income using the following format and calculated values:

The Mirriam Company has the following SCI balances at the end of the year. Prepare an

SCI which contains the determination of net income and comprehensive income for the period.

Gross Profit = ₱ 2,580,750

Operating Profit = ₱ 1,554,330

Income Tax Expense = 25% of Operating Profit

Comprehensive Income = ₱ 2,000,000

Answer 1

Solution:

The Mirriam Company improvised Statement of Comprehensive Income is as follows: