Answer to Question #244662 in Accounting for nicole

Question

B. Statement of Comprehensive Income

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

The Mirriam Company has the following SCI (Statement of Comprehensive Income) balances at the end of the year. Prepare an SCI (Statement of Comprehensive Income) 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 Statement of comprehensive income is as below: