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Which of the following about comprehensive income is correct? Profit or loss is equal to comprehensive income plus total other comprehensive income. Comprehensive income is
- Which of the following about comprehensive income is correct?
- Profit or loss is equal to comprehensive income plus total other comprehensive income.
- Comprehensive income is equal to profit or loss plus total other comprehensive income.
- Total other comprehensive income is equal to comprehensive income plus profit or loss.
- Comprehensive income is equal to profit or loss plus total other comprehensive income plus extraordinary items.
- The financial statements of Starnight Ltd (Starnight) showed a total equity balance of $2 500 000 for the reporting period ended 31 December 20X4. During the 20X5 financial year, Starnight recognised the following transactions:
- Factory buildings were revalued from their carrying amount of $500 000 to $750 000;
- A dividend of $50 000, which was declared in the previous financial year, was paid to shareholders on 31 March 20X5;
- A dividend for the current financial year of $75 000 was declared on 15 December 20X5. The $75 000 is unpaid and has been recognised as a liability at the end of the reporting period;
- The entity made a profit after-tax of $350 000.
What is the closing balance of the total equity for the year ended 31 December 20X5?
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- $2 775 000
- $2 975 000
- $3 025 000
- $3 050 000
- According to IAS 1 Presentation of Financial Statements, which of the following does not have to be presented as a line item in the statement of financial position? A1) Assets and liabilities for current tax.
- Non-controlling interests, presented within equity.
- Investments accounted for using the equity method.
- The number of shares authorised, issued and fully paid.
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