task 2\ndirections: analyze the following account titles and determine if it is for a\nstatement of…

task 2\ndirections: analyze the following account titles and determine if it is for a\nstatement of comprehensive income for lany services for the year\nended december 31, 2019.\nbalances of the accounts are as follows:\ntravel expense 25,000 service income 60,000\nsalaries expense 10,000 rent expense 15,000\nrent expense 15,000 cash 100,000\nutilities expense 8,000 supplies 12,000\nsupplies expense 10,000 interest from bank loans 3000\ndepreciation expense 10,000\ndividend from stock disposals 20000

task 2\ndirections: analyze the following account titles and determine if it is for a\nstatement of comprehensive income for lany services for the year\nended december 31, 2019.\nbalances of the accounts are as follows:\ntravel expense 25,000 service income 60,000\nsalaries expense 10,000 rent expense 15,000\nrent expense 15,000 cash 100,000\nutilities expense 8,000 supplies 12,000\nsupplies expense 10,000 interest from bank loans 3000\ndepreciation expense 10,000\ndividend from stock disposals 20000

Answer

Explanation:

Step1: Recall components of Statement of Comprehensive Income

A Statement of Comprehensive Income includes revenues and expenses to calculate net income, and other comprehensive income items. Revenues here are Service Income ($60,000) and Interest from Bank Loans ($3000), and Gain from Selling Assets ($20,000). Expenses are Travel Expense ($25,000), Salaries and Wages ($10,000), Rent Expense ($15,000), Utilities Expense ($5,000), Supplies Expense ($8,000), Depreciation Expense ($10,000).

Step2: Calculate net income

Net income = Total Revenues - Total Expenses. Total Revenues = $60000 + 3000+20000=83000$. Total Expenses = $25000 + 10000+15000 + 5000+8000+10000 = 73000$. Net income = $83000 - 73000=10000$.

Step3: Check if it's for the Statement of Comprehensive Income

Since we have calculated net - income using revenues and expenses which is a key part of the Statement of Comprehensive Income, and there are no other comprehensive income items given to further adjust to comprehensive income, but the data is relevant for the initial part of calculating net income for the statement. So, it is for the Statement of Comprehensive Income.

Answer:

Yes