tailieunhanh - Lecture Intermediate accounting - Chapter 4: The income statement, comprehensive income, and the statement of cash flows
This chapter has a twofold purpose: to consider important issues dealing with income statement content, presentation, and disclosure and to provide an overview of the statement of cash flows, which is covered in depth in Chapter 21. | The Income Statement, Comprehensive Income, and the Statement of Cash Flows Chapter 4 Chapter 4: The Income Statement, Comprehensive Income, and the Statement of Cash Flows The purpose of the income statement is to summarize the profit‐generating activities that occurred during a particular reporting period. Comprehensive income includes net income as well as a few gains and losses that are not part of net income and are considered other comprehensive income items instead. The purpose of the statement of cash flows is to provide information about the cash receipts and cash disbursements of an enterprise that occurred during the period. This chapter has a twofold purpose: (1) to consider important issues dealing with the content, presentation, and disclosure of net income and other components of comprehensive income and (2) to provide an overview of the statement of cash flows, which is covered in depth in Chapter 21. An income statement for a hypothetical manufacturing company that you can refer to as we proceed through the chapter. Before we discuss the specific components of an income statement in depth, let’s take a quick look at the general makeup of the statement. The graphic on this slide illustrates an income statement for a hypothetical manufacturing company that you can refer to as we proceed through the chapter. At this point, our objective is only to gain a general perspective of the items reported and classifications contained in corporate income statements. Notice the three general areas include income from continuing operations, separately reported items, and earnings per share. Expenses Outflows of resources incurred in generating revenues. Revenues Inflows of resources resulting from providing goods or services to customers. Gains and Losses Increases or decreases in equity from peripheral or incidental transactions of an entity. Income from Continuing Operations Income Tax Expense Because of its importance and size, income tax expense is a . | The Income Statement, Comprehensive Income, and the Statement of Cash Flows Chapter 4 Chapter 4: The Income Statement, Comprehensive Income, and the Statement of Cash Flows The purpose of the income statement is to summarize the profit‐generating activities that occurred during a particular reporting period. Comprehensive income includes net income as well as a few gains and losses that are not part of net income and are considered other comprehensive income items instead. The purpose of the statement of cash flows is to provide information about the cash receipts and cash disbursements of an enterprise that occurred during the period. This chapter has a twofold purpose: (1) to consider important issues dealing with the content, presentation, and disclosure of net income and other components of comprehensive income and (2) to provide an overview of the statement of cash flows, which is covered in depth in Chapter 21. An income statement for a hypothetical manufacturing company that .
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