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Comprehensive Income due 0218

7 points maximum for excellent work

default grade B or 6 points for good work

1. What are the two formats that companies can use to present their Statement of Comprehensive Income? 0.3 pts

2. Choose two companies and get their annual reports.

3. For each company, obtain the balance sheet, income statement, and statement of comprehensive income. Put only these pages in a PDF document (or two) and highlight the accounts and other fields (company names and dates) listed in the attached spreadsheet unto the PDF financial statements (for example, net income on the income statement). (2 points, max half credit if not highlighted; penalty if you attach the entire annual report). Please attach. I will accept attachment in Word, but I prefer a separate file submitted alongside this Word file.

4. Complete the cells in the spreadsheet provided (or copy and paste below). Dollar amounts must be formatted properly (for example 1,000; not 1000). Also, you must present both companies using the same dollar scale. For example, you cannot present one company in thousands and the other in millions. You can choose any scale, but both companies must be presented in and/or converted into the same scale. (3.2 pts)

Copy and paste if you prefer to combine the spreadsheet and the Word file.

5. Explain the difference between comprehensive income and other comprehensive income. (1/2 pt)

6. What is the relationship between accumulated other comprehensive income (AOCI) and other comprehensive income? Hint: calculate the difference between beginning and ending AOCI. (1/2 pt)

7. In what way is AOCI similar retained earnings, besides the fact that they are both equity accounts? (1/2 pt)

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