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Select the correct presentation for other comprehensive income on the financial statements of Puma Company.

1. Puma Company

Statement of Comprehensive Income

For the Year Ended December 31, 20Y3

Net income $140,000

Other comprehensive income 20,000

Comprehensive income $160,000

2. Puma Company

Income Statement

For the Year Ended December 31, 20Y3

Sales $625,000

Cost of goods sold 350,000

Gross profit $275,000

Operating expenses 135,000

Net income $140,000

Other comprehensive income 20,000

Comprehensive income $160,000

A. Both of these choices are correct.

B. Neither of these choice is correct.

Sagot :

Tundexiidn

Answer:

A. Both of these choices are correct.

Explanation:

Both of these choices are correct as they are rightly presented.

             Puma Company

Statement of Comprehensive Income

For the Year Ended December 31, 20Y3

Net income                                $140,000

Other comprehensive income $20,000

Comprehensive income          $160,000

                   Puma Company  

                 Income Statement

For the Year Ended December 31, 20Y3

Sales                                     $625,000

Cost of goods sold              $350,000

Gross profit                          $275,000

Operating expenses            $135,000

Net income                           $140,000

Other comp. income            $20,000

Comprehensive income     $160,000

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