SB-BMGT310-sess05_ch_4_all

SB-BMGT310-sess05_ch_4_all - Income Statement and Related...

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Unformatted text preview: Income Statement and Related Income Statement and Related Information Information Chapters 2 and 4 Chapter 4-1 Prepared by Coby Harmon, University of California, Santa Barbara, modified by Stephen Brown Learning Objectives Learning Objectives 1. 2. 3. 4. 5. 6. Understand the uses and limitations of an income statement. Prepare a single andf multiple step income statement. Explain how to report irregular items. Explain and present changes in accounting principles. Explain and present changes in estimates. Explain and present corrections of errors. Chapter 4-2 Learning Objectives Learning Objectives 7. 8. 9. 10. Explain intraperiod tax allocation. Identify where to report earnings per share information. Prepare a retained earnings statement. Explain how to report other comprehensive income. Chapter 4-3 First Level: Basic Objectives First Level: Basic Objectives Financial reporting should provide information that: Financial reporting should provide information that: (a) is useful to present and potential investors and creditors and other users in (a) is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions. making rational investment, credit, and similar decisions. (b) helps present and potential investors and creditors and other users in assessing (b) helps present and potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts. the amounts, timing, and uncertainty of prospective cash receipts. (c) portrays the economic resources of an enterprise, the claims to those resources, (c) portrays the economic resources of an enterprise, the claims to those resources, and the effects of transactions, events, and circumstances that change its and the effects of transactions, events, and circumstances that change its resources and claims to those resources. resources and claims to those resources. Chapter 4-4 LO 3 Understand the objectives of financial reporting. First Level: Basic Objectives First Level: Basic Objectives Concept statement 1 Chapter 4-5 LO 3 Understand the objectives of financial reporting. ASSUMPTIONS 1. Economic entity 2. Going concern 3. Monetary unit 4. Periodicity PRINCIPLES 1. Historical cost 2. Revenue recognition 3. Matching 4. Full disclosure CONSTRAINTS 1. Cost-benefit 2. Materiality 3. Industry practice 4. Conservatism ELEMENTS Third level QUALITATIVE CHARACTERISTICS Relevance Reliability Comparability Consistency Assets, Liabilities, and Equity Investments by owners Distribution to owners Comprehensive income Revenues and Expenses Gains and Losses Second level Illustration 2-7 2-7 Conceptual Framework for Financial Reporting OBJECTIVES 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterprise resources, claims to resources, and changes in them First level LO 2 Describe the FASB's efforts to construct a conceptual framework. Chapter 4-6 Income Statement and Related Information Income Statement and Related Information Income Statement Usefulness Limitations Quality of Earnings Format of the Income Statement Elements Single-step Multiple-step Condensed income statements Reporting Irregular Items Discontinued operations Extraordinary items Unusual gains and losses Changes in accounting principles Changes in estimates Corrections of errors Special Reporting Issues Intraperiod tax allocation Earnings per share Retained earnings statement Comprehensive income Chapter 4-7 Income Statement Income Statement Usefulness of the Income Statement Evaluate past performance. Predicting future performance. Help assess the risk or uncertainty of achieving future cash flows. Limitations of the Income Statement Companies omit items that cannot be measured reliably. Income is affected by the accounting methods employed. Income measurement involves judgment. Chapter 4-8 LO 1 Understand the uses and limitations of an income statement. Income Statement Income Statement Quality of Earnings Companies have incentives to manage income to meet or beat Wall Street expectations, so that the market price of stock increases and the value of stock options increase. Quality of earnings is reduced if earnings management results in information that is less useful for predicting future earnings and cash flows. Chapter 4-9 LO 1 Understand the uses and limitations of an income statement. Elements of the Income Statement Elements of the Income Statement Revenues Inflows or other enhancements of assets or settlements of its liabilities that constitute the entity's ongoing major or central operations. Examples liabilities that constitute the entity's ongoing major or central operations. Examples Expenses Outflows or other usingup of assets or incurrences of Chapter 4-10 LO 1 Understand the uses and limitations of an income statement. Elements of the Income Statement Elements of the Income Statement Gains Increases in equity (net assets) from peripheral or incidental transactions. incidental transactions. Losses Decreases in equity (net assets) from peripheral or Gains and losses can result from sale of investments or plant assets, settlement of liabilities, writeoffs of assets. Chapter 4-11 LO 1 Understand the uses and limitations of an income statement. Single-Step Income Statement Single-Step Income Statement The singlestep statement consists of just two groupings: Revenues Expenses Net Income No distinction between Operating and Nonoperating categories. Chapter 4-12 I ncome St at ement (in t h o us and s ) Revenues: S ale s I nt e r e s t r e ve nue T o t al r e ve nue Expenses: Co s t o f g o o d s s o ld A d ve r t is ing e x pe ns e De pr e c ia t io n e x pe ns e I nt e r e s t e x pe ns e I nc o m e t a x e x pe ns e T o t al e x pe ns e s Net income Earnings per share $ 8 5 ,0 0 0 2 ,0 0 0 17 3 0 2 ,0 0 0 9 ,0 0 0 14 ,0 0 0 10 4 3 ,0 0 0 1,0 0 0 2 2 4 ,0 0 0 2 4 7 ,0 0 0 $ 5 ,0 0 0 5 $ 0 .7 5 Single Single Step Step LO 2 Prepare a single-step income statement. Single-Step Income Statement Single-Step Income Statement Exxon 10Q for Q3 2011 Chapter 4-13 LO 2 Prepare a single-step income statement. Multiple-Step Income Statement Multiple-Step Income Statement Background Separates operating transactions from nonoperating transactions. Matches costs and expenses with related revenues. Highlights certain intermediate components of income that analysts use. Chapter 4-14 LO 3 Prepare a multiple-step income statement. Multiple-Step Income Statement Multiple-Step Income Statement The presentation divides The presentation divides information into major information into major sections. sections. 1. Operating Section 1. Operating Section 2. Nonoperating Section 2. Nonoperating Section I ncome St at ement (in t h o us and s ) Sales $ 8 5 ,0 0 0 2 Co s t o f g o o d s s o ld Gr o s s pr o f it Operat ing expenses: 9 ,0 0 0 14 6 ,0 0 0 13 ,0 0 0 10 4 3 ,0 0 0 5 3 ,0 0 0 8 3 ,0 0 0 ,0 0 0 17 (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 $ 5 ,0 0 0 5 $ 0 .7 5 A d ve r t is ing e x pe ns e De pr e c iat io n e x pe ns e T o t a l o pe r at ing e x pe ns e I ncome f rom operat ions Ot her revenue (expense): I nt e r e s t r e ve nue I nt e r e s t e x pe ns e T o t a l o t h e r I nc o m e b e f o r e t a x e s I nc o m e t ax e x pe ns e N et income Ear nings per shar e 3. Income tax 3. Income tax Chapter 4-15 LO 3 Prepare a multiple-step income statement. Multi-Step Income Statement Multi-Step Income Statement Apple 10Q Chapter 4-16 LO 2 Prepare a single-step income statement. Why Highlight Irregular Items Why Highlight Irregular Items Y1 Operating Income Irregular Items Net Income 100 25 125 Y2 110 -18 92 Y3 120 -15 105 Y4 130 5 135 Y5 140 -15 125 What is the pattern of earnings? (What would you expect for Y6?) Shareholders do not like volatility Chapter 4-17 Reporting Irregular Items Reporting Irregular Items Companies are required to report irregular items in the financial statements so users can determine the longrun earning power r Illu s tra tio n 4 5 Nu m b e o f Irre g u la r Ite m s of the company. R e p o rte d in a R e c e nt Y e a r b y 6 0 0 La rg e C o m p a nie s Chapter 4-18 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Irregular items fall into six categories Discontinued operations. Extraordinary items. Unusual gains and losses. Changes in accounting principle. Changes in estimates. Corrections of errors. Chapter 4-19 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Discontinued Operations occurs when, (a) company eliminates the results of operations and cash flows of a component of the enterprise. (b) there is no significant continuing involvement in that component. Amount reported "net of tax." Chapter 4-20 LO 4 Explain how to report irregular items. Reporting Discontinued Operations Reporting Discontinued Operations Exercise: McCarthy Corporation had after tax income from continuing operations of $55,000,000 in 2007. During 2007, it disposed of its restaurant division at a pretax loss of $270,000. Prior to disposal, the division operated at a pretax loss of $450,000 in 2007. Assume a tax rate of 30%. Prepare a partial income statement for McCarthy. Income from continuing operations $55,000,000 Discontinued operations: Loss from operations, net of $135,000 tax 315,000 Loss on disposal, net of $81,000 tax 189,000 Total loss on discontinued operations 504,000 Net income $54,496,000 Chapter 4-21 LO 4 Explain how to report irregular items. Reporting Discontinued Operations Reporting Discontinued Operations Discontinued Operations are reported after "Income from continuing operations." I ncome St at ement (in t h o us a nd s ) Sales Co s t o f g o o d s s o ld Ot her revenue (expense): I nt e r e s t r e ve nue I nt e r e s t e x pe ns e T o t a l o t h e r I nc o m e b e f o r e t ax e s I nc o m e t ax e x pe ns e I ncome f rom cont inuing operat ions Discont inued operat ions: Loss f rom operat ions, net of t ax Loss on disposal, net of t ax ,0 0 0 17 (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 5 5 ,0 0 0 315 189 504 $ 4 ,4 9 6 5 $ 8 5 ,0 0 0 2 9 ,0 0 0 14 Previously labeled as "Net Income". Moved to Chapter 4-22 Tot al loss on discont inued operat ions N et income LO 4 Explain how to report irregular items. Reporting Discontinued Operations Reporting Discontinued Operations Proctor and Gamble - 2009 Proctor and Gamble 2009 10-K (Search on Discontinued) Chapter 4-23 LO 2 Prepare a single-step income statement. Reporting Irregular Items Reporting Irregular Items Extraordinary items are nonrecurring material items that differ significantly from a company's typical business activities. Extraordinary Item must be both of an Unusual Nature and Occur Infrequently Company must consider the environment in which it operates. Amount reported "net of tax." Chapter 4-24 LO 4 Explain how to report irregular items. Reporting Extraordinary Items Reporting Extraordinary Items Are these items Extraordinary? (a) A large portion of a tobacco manufacturer's crops are destroyed by a hail storm. Severe damage from hail storms in the locality where the manufacturer grows tobacco is rare. (b) A citrus grower's Florida crop is damaged by frost. (c) A company sells a block of common stock of a publicly traded company. The block of shares, which represents less than 10% of the publiclyheld company, is the only security investment the company has ever owned. YES NO YES Chapter 4-25 LO 4 Explain how to report irregular items. Reporting Extraordinary Items Reporting Extraordinary Items Are these items Extraordinary? (d) A large diversified company sells a block of shares from its portfolio of securities which it has acquired for investment purposes. This is the first sale from its portfolio of securities. (e) An earthquake destroys one of the oil refineries owned by a large multinational oil company. Earthquakes are rare in this geographical location. (f) A company experiences a material loss in the repurchase of a large bond issue that has been outstanding for 3 years. The company regularly repurchases bonds of this nature. NO YES NO Chapter 4-26 LO 4 Explain how to report irregular items. Reporting Extraordinary Items Reporting Extraordinary Items Exercise: McCarthy Corporation had after tax income from continuing operations of $55,000,000 in 2007. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption. The corporation's tax rate is 30%. Prepare a partial income statement for McCarthy Corporation beginning with income from continuing operations. Income from continuing operations Extraordinary loss, net of $231,000 tax Net income ($770,000 x 30% = $231,000 tax) Chapter 4-27 $55,000,000 539,000 $54,461,000 LO 4 Explain how to report irregular items. Reporting Extraordinary Items Reporting Extraordinary Items Extraordinary Items are reported after "Income from continuing operations." I ncome St at ement (in t h o us a nd s ) Sales Co s t o f g o o d s s o ld $ 8 5 ,0 0 0 2 9 ,0 0 0 14 Ot her revenue (expense): I nt e r e s t r e ve nue I nt e r e s t e x pe ns e T o t a l o t h e r I nc o m e b e f o r e t a x e s I nc o m e t ax e x pe ns e I ncome f rom cont inuing operat ions Ext raordinary loss, net of t ax N et income ,0 0 0 17 (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 5 5 ,0 0 0 539 $ 5 4 ,4 6 1 Previously labeled as "Net Income". Moved to Chapter 4-28 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Reporting when both Discontinued Operations and Extraordinary Items are present. I ncome St at ement (in t h o us a nd s ) Sales Co s t o f g o o d s s o ld I nt e r e s t e x pe ns e T o t a l o t h e r I nc o m e b e f o r e t a x e s I nc o m e t a x e x pe ns e I ncome f rom cont inuing operat ions Discont inued operat ions: Loss f rom operat ions, net of t ax Loss on disposal, net of t ax Tot al loss on discont inued operat ions I ncome bef ore ext raordinary it em Ext raordinary loss, net of t ax N et income $ 8 5 ,0 0 0 2 9 ,0 0 0 14 (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 5 5 ,0 0 0 315 189 504 5 4 ,4 9 6 539 $ 3 ,9 5 7 5 Discontinued Operations Extraordinary Item Chapter 4-29 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Review Irregular transactions such as discontinued operations and extraordinary items should be reported separately in a. b. c. d. both a singlestep and multiplestep income a singlestep income statement only. a multiplestep income statement only. neither a singlestep nor a multiplestep income statement. statement. Chapter 4-30 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Unusual Gains and Losses Material items that are unusual or infrequent, but not both, should be reported in a separate section just above "Income from continuing operations before income taxes." Examples can include: Writedowns of inventories Foreign exchange transaction gains and losses The Board prohibits netoftax treatment for these items. Chapter 4-31 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Pepsi 2007 restructuring Chapter 4-32 LO 2 Prepare a single-step income statement. Reporting Special Items Reporting Special Items Emphasis on non-GAAP numbers Press release often highlights non GAAP numbers e.g. adobe 2008 Q4 results Chapter 4-33 LO 4 Explain how to report irregular items. Next Time (Class 6) Next Time (Class 6) 1. Further irregular items: Changes in accounting principles Changes in estimates Correction of errors Intra period tax allocation Comprehensive Income Earnings per share 2. 3. 4. Read ahead we'll go fast Chapter 4-34 Reporting Irregular Items Reporting Irregular Items Changes in Accounting Principles Retrospective adjustment Cumulative effect adjustment to beginning retained earnings Approach preserves comparability Examples include: change from FIFO to average cost change from the percentageofcompletion to the completed contract method Chapter 4-35 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Changes in Estimate Accounted for in the period of change and future periods Not handled retrospectively Not considered errors or extraordinary items Examples include: Useful lives and salvage values of depreciable assets Allowance for uncollectible receivables Inventory obsolescence Chapter 4-36 LO 4 Explain how to report irregular items. Change in Estimate Example Change in Estimate Example Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straightline basis. In 2010 (year 8), it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time. Questions: What is the journal entry to correct the prior years ' depreciation? No Calculate the depreciation expense for 2010. Entry Required Chapter 4-37 LO 4 Explain how to report irregular items. Change in Estimate Example Change in Estimate Example After 7 years Equipment cost $510,000 First, establish NBV at First, establish NBV at Salvage value 10,000 date of change in estimate. date of change in estimate. Depreciable base 500,000 Useful life (original) 10 years Annual depreciation $ 50,000 x 7 years = $350,000 Balance Sheet (Dec. 31, 2009) $510,000 350,000 $160,000 LO 4 Explain how to report irregular items. Fixed Assets: Equipment Accumulated depreciation Net book value (NBV) Chapter 4-38 Change in Estimate Example Change in Estimate Example Net book value Salvage value (new) Depreciable base Useful life remaining Annual depreciation Journal entry for 2010 Depreciation expense Accumulated depreciation Chapter 4-39 After 7 years Depreciation Expense Depreciation Expense calculation for 2010. calculation for 2010. $160,000 5,000 155,000 8 years $ 19,375 19,375 19,375 LO 4 Explain how to report irregular items. Reporting Irregular Items Reporting Irregular Items Corrections of Errors Result from: mathematical mistakes mistakes in application of accounting principles oversight or misuse of facts Corrections treated as prior period adjustments Adjustment to the beginning balance of retained earnings Chapter 4-40 LO 4 Explain how to report irregular items. Intraperiod Tax Allocation Intraperiod Tax Allocation Relates the income tax expense to the specific items that give rise to the amount of the tax expense. Income tax is allocated to the following items: (1) Income from continuing operations before tax (2) Discontinued operations (3) Extraordinary items (4) Changes in accounting principle (5) Correction of errors Chapter 4-41 LO 5 Explain intraperiod tax allocation. Example of Intraperiod Tax Allocation Example of Intraperiod Tax Allocation I ncome St at ement (in t h o us and s ) Sales Co s t o f g o o d s s o ld T o t al o t h e r I nc o m e f r o m c o nt . o pe r . b e f o r e t a x e s I nc o m e t a x e x pe ns e I ncome f rom cont inuing operat ions Discont inued operat ions: Note: losses reduce the total tax I nt e r e s t e x pe ns e (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 5 5 ,0 0 0 315 189 504 5 4 ,4 9 6 539 $ 3 ,9 5 7 5 $ 8 5 ,0 0 0 2 9 ,0 0 0 14 Total Tax Allocated $24,000 (135) (61) (231) $23,573 Loss on operat ions, net of $ 135 t ax Loss on disposal, net of $ 61 t ax Tot al loss on discont inued operat ions I ncome bef ore ext raordinary it em Ext raordinary loss, net of $ 231 t ax N et income Chapter 4-42 LO 5 Explain intraperiod tax allocation. Earnings Per Share Earnings Per Share Calculation Net income Preferred dividends Weighted average number of shares outstanding An important business indicator. Measures the dollars earned by each share of common stock. Must be disclosed on the the income statement. Chapter 4-43 LO 6 Identify where to report earnings per share information. Earnings Per Share Earnings Per Share Brief Exercise 4-8 In 2011, Kirby Puckett Corporation reported net income of $1,200,000. It declared and paid preferred stock dividends of $250,000. During 2011, Puckett had a weighted average of 190,000 common shares outstanding. Compute Puckett's 2007 earnings per share. Net income Preferred dividends Weighted average number of shares outstanding $1,200,000 $250,000 190,000 Chapter 4-44 = $5.00 per share LO 6 Identify where to report earnings per share information. Retained Earnings Statement Retained Earnings Statement Changes in Retained Earnings Increase Net income C h a ng e in a c c o un ting p rinc ip le Erro r c o rre c tio ns Decrease Net loss Divid e n d s C h a n g e in a c c o u nting p rinc ip le s Erro r c o rre c tio n s Chapter 4-45 LO 7 Prepare a retained earnings statement. Retained Earnings Statement Retained Earnings Statement Woods, Inc. Statement of Retained Earnings For the Year Ended December 31, 2011 Balance, January 1 Net income Dividends Balance, December 31 $1,050,000 360,000 (300,000) $1,060,000 Before issuing the report for the year ended December 31, 2011, you discover a $50,000 error (net of tax) that caused the 2010 inventory to be overstated (overstated inventory caused COGS to be lower and thus net income to be higher in 2010). Would this discovery have any impact on the reporting of the Statement of Retained Earnings for 2011? Chapter 4-46 LO 7 Prepare a retained earnings statement. Retained Earnings Statement Retained Earnings Statement Woods, Inc. Statement of Retained Earnings For the Year Ended December 31, 2011 Balance, January 1, as previously reported Prior period adjustment - error correction Balance, January 1, as restated Net income Dividends Balance, December 31 $1,050,000 (50,000) 1,000,000 360,000 (300,000) $1,060,000 Chapter 4-47 LO 7 Prepare a retained earnings statement. Retained Earnings Statement Retained Earnings Statement Restricted Retained Earnings Disclosed In notes to the financial statements As Appropriated Retained Earnings Chapter 4-48 LO 7 Prepare a retained earnings statement. Comprehensive Income Comprehensive Income All changes in equity during a period except those resulting from investments by owners and distributions to owners. I ncome St at ement (in t h o us a nd s ) Sales $ 8 5 ,0 0 0 2 Co s t o f g o o d s s o ld Gr o s s pr o f it Operat ing expenses: 9 ,0 0 0 14 6 ,0 0 0 13 ,0 0 0 10 4 3 ,0 0 0 5 3 ,0 0 0 8 3 ,0 0 0 ,0 0 0 17 (2 1,0 0 0 ) (4 ,0 0 0 ) 7 9 ,0 0 0 2 4 ,0 0 0 $ 5 ,0 0 0 5 + O th e r C o m p re h e ns ive Inc o m e Unre a lize d g a ins a nd lo s s e s o n a va ila b le fo r s a le s e c uritie s . T ra ns la tio n g a ins a nd lo s s e s o n fo re ig n c urre nc y. P lus o th e rs R e p o rte d in S to c kh o ld e rs ' Eq uity A d ve r t is ing e x pe ns e De pr e c ia t io n e x pe ns e T o t a l o pe r a t ing e x pe ns e I ncome f rom operat ions Ot her revenue (expense): I nt e r e s t r e ve nue I nt e r e s t e x pe ns e T o t a l o t h e r I nc o m e b e f o r e t a x e s I nc o m e t a x e x pe ns e N et income Chapter 4-49 LO 8 Explain how to report other comprehensive income. Comprehensive Income Comprehensive Income Three approaches to reporting Comprehensive Income (SFAS No. 130, June 1997): 1. 2. 3. A second separate income statement; A combined income statement of comprehensive income; or As part of the statement of stockholders' equity Chapter 4-50 LO 8 Explain how to report other comprehensive income. Comprehensive Income Comprehensive Income TwoStatement Format for Comprehensive Income Illustration 419 Chapter 4-51 LO 8 Explain how to report other comprehensive income. Comprehensive Income Comprehensive Income Combined Income Statement Combined Income Statement V. Gill I nc . Co m b ine d S t at e m e nt o f Co m p r e h e ns ive I nc o m e Fo r t h e Ye ar End e d De c e m b e r 3 1, 2 0 0 7 S ale s r e ve nue Co s t o f g o o d s s o ld Gr o s s pr o f it O pe r at ing e x p e ns e s Ne t inc o m e Unr e a liz e d h o ld ing g ain, ne t o f t ax Co m p r e h e ns ive inc o m e $ 8 0 0 ,0 0 0 6 0 0 ,0 0 0 2 0 0 ,0 0 0 0 ,0 0 0 9 ,0 0 0 110 0 ,0 0 0 3 $ 0 ,0 0 0 14 Chapter 4-52 LO 8 Explain how to report other comprehensive income. Comprehensive Income Comprehensive Income S ta te m e nt o f S to c kh o ld e rs ' Eq uity (m o s t c o m m o n) Illustration 420 Chapter 4-53 LO 8 Explain how to report other comprehensive income. Comprehensive Income Comprehensive Income Balance Sheet Presentation Illustration 421 Regardless of the display format used, the accumulated other comprehensive income of $90,000 is reported in the stockholders' equity section of the balance sheet. Chapter 4-54 LO 8 Explain how to report other comprehensive income. Next Time Next Time Chapter 5 Balance Sheet & Statement of Cash Flows Chapter 4-55 ...
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This note was uploaded on 02/07/2012 for the course BMGT 310 taught by Professor Mckinney during the Fall '08 term at Maryland.

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