entr3600_ass_1 - Q2-15 Comprehensive income is the...

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Q2 -15 Comprehensive income is the measurement of equity that was changed by transactions and economic events, that does not involve the owners. Net income does not include anything that is in comprehensive income, but is still part of the equity section of the balance sheet. Q2-22 It is useful for stakeholders to receive a financial statement for more than one year, because that way they could better analyze the statements. They could compare and see what and how the entity used their expenses, and the difference in revenues and net income. E2-2 Situation 1 – Assents = $224,000 Situation 2 – Liabilities = $135,000 Situation 3 – Revenues = $375,000 Situation 4 – Expenses = $78,000 E2-7 Statement of Changes in Equity 2016 Issue of Shares $500,000 Net Income 119,550 Balance on July 31, 2016 $619,550 Statement of Change in Equity 2017 Balance on July 31, 2016 $619,550 Net income 212,000 Dividends (55,000) Balance on July 31, 2017 $ 776,000 Statement of Change in Equity 2018 Balance on July 31, 2017 $886,000 Net income 291,000 Dividends (175,000) Balance on July 31, 2018 $1,002,000 E2-8 Operational – a, c, d, h, i Financial – e
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