kennettahughley3710 kennettahughley3710
  • 18-02-2020
  • Business
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Do entities report​ revenues, expenses,​ gains, and losses in net income or other comprehensive​ income? Explain.

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hyderali230
hyderali230 hyderali230
  • 18-02-2020

Answer:

Revenue Expenses in net income

Gain / losses in Other comprehensive income

Explanation:

Revenue and Expenses of an entity is reported in the net income section of income statement. the second section of income statement deals with unrealized gains / losses and any gain or losses from discontinuing operations as well. Net income also added to the other comprehensive income to calculate total net income or total comprehensive income.

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