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Problems Regarding Comprehensive Income

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Please help with the following problems:

Provide the definition of of comprehensive income.
Explain the difference between the end of year treatment of net income and other comprehensive income
When was comprehensive income was issued ?
How should the company present other comprehensive income and accumulated other comprehensive income in its financial statements?
What are reclassification adjustments? Give examples.

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This solution helps answer questions regarding comprehensive income.

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Comprehensive income:

This is the change in equity of a business enterprise during a period of transactions and events from the sources who are non-owners. Comprehensive income includes all the sale and expenses that are incurred in the period of the business and they appear in the income statement. Other components that are included in the comprehensive income include both the net income and the direct-to- equity adjustments (SFAS 130, 2011).

The Other Comprehensive income:

The other comprehensive income is also known as the adjustments such as ...

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