A comprehensive income statement is the expression of income in terms of the net income eliminating the changes in equity. It is established through a series of calculations done very carefully as it is a very essential document for any operating firm. It must be assigned to an expert who knows the working method and can give an accurate estimate of the company’s comprehensive income.
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Sample Comprehensive Income Statement
Name of the company: Antique Jewellery Shop
Period of the comprehensive income statement: 31st December, 2010 to 31st December, 2011
Purpose of the statement: The statement is necessary to provide a bigger picture of the company’s income stature and financial holdings for the specific time period and to lay down the different financial components comprehensively so that its success can be measured in comparison to other market operators.
The following details provide an acute picture of the various operations that the company has to perform during a financial year that forms the centre of the comprehensive income structure of the company.
Gross profit incurred during the period: $60, 000.00
Total income from other sources barring the revenues earned: $90, 000.00
Total operating expenses: $20, 000.00
Total expense saved of wastage due to manufacturing flaws: $12, 000.00
Steps of calculation:
Gross profit minus operating expenses: $60, 000 – 20, 000 = $40, 000
Income plus the result obtained in step 1: $90, 000 + 40,000 = $1, 30,000
Expenses saved plus income obtained in step 2 (comprehensive income of the company):
$12, 000 + $1, 30,000 = $1, 42,000