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Statement of Comprehensive Income

Overview

  • Always include the name of your company in the subject line and the link to the SEC 10-K in your posting!
  • Answer all of the questions below and do NOT cut and paste from the 10-K.
  • Use your own words to answer.
  • This week’s discussion assists in your preparation of the report due next week on the Income Statement for your SEC 10-K company

Discussion Requirements

Read the SEC 10-K for your company to answer the questions below.

Category: Revenue and Net Income

  1. What were the corporation’s net sales, cost of goods sold, and gross profit?
  2. What was the corporate tax rate? This should be an item in the notes to the financial statement. Required disclosure usually explains the federal statutory rate and a reconciliation to the actual tax rate of the company each year.
  3. Read the Statement of Comprehensive Income. Notice the first line is the net income from the Income Statement. Accumulated other comprehensive net income (or net loss) is an item in the Statement of Owners’ Equity section and in the Balance Sheet. Post the value from the Balance Sheet and comment on whether this item is increasing or decreasing (take care with the concept of change and net income or net loss).
  4. What items appear under Other Comprehensive Income (Loss)?
  5. What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?
  6. . Comment on any one of your classmates postings by this assignment deadline. These comments will represent 5% of the assignment grade.
    7. Cross reference you responses to the assigned question numbers for this assignment as well as other discussion assignments

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