What is the difference between net income and comprehensive income? Assess the usefulness and limitations of the income statements. What is meant by earnings quality? What are the four primary elements on the statement of net income? Describe the presentation of the statement of net income, including single-step and multi-step income statement formats. Compare and contrast income from continuing operations and discontinued operations. What is the statement of comprehensive income? Discuss in detail the components of and reporting requirements for the statement of stockholders' equity.