Select the Correct Presentation for Other Comprehensive Income on the Financial

question 152

Multiple Choice

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

• A)
• Puma Company
• Income Statement
• For the Year Ended December 31,20 Y3
• \(\begin{array}{lr}
• \text { Sales } & \$ 625,000 \\
• \text { Cost of goods sold } & 350,000 \\
• \text { Gross profit } & \$ 275,000 \\
• \text { Operating expenses } & 135,000\\\text { Net income } & \$ 140,000 \\
• \text { Other comprehensive income } & \$ 20,000 \\
• \text { Comprehensive income } & \$ 160,000
• \end{array}\)
• B)
• Puma Company
• Statement of Comprehensive Income
• For the Year Ended December 31, \(20 \mathrm { Y } 3\)
• \(\begin{array}{lr}
• \text { Net income } & \$ 140,000 \\
• \text { Other comprehensive income } & 20,000 \\
• \text { Comprehensive income } & \$ 160,000
• \end{array}\)
• C) Both are correct
• D) Neither is correct

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