FABM2_SCI_Single.pptx , fundamentals of accountancy

notes and other lectures notes

1. Statement of Comprehensive Income Using the Single Step Approach

2. Preparation of the Statement of Comprehensive Income Using the Single Step Approach There are two main formats for the preparation of the Statement of Comprehensive Income (SCI), namely, the single-step and multi-step. The singlestep is closely related to the nature of expense format. On the other hand, the multi-step approach is also associated with the function of expense.

3. 4. Determine the Net Income/Net Loss

4. Using the information provided, prepare a Statement of Comprehensive Income or January 2020 of Luisito Surveying Services Paid salaries of secretary 10,000.00 Consultancy services 150,356.00 Paid the water bill 2,500.00 paid the insurance 4,250.00 Paid the electric bill 4,350.00 Paid the water bill 1,225.00 Gains from the sales of the equipment 3,425.00 Received dividends from the investment 10,548.50 Paid the rent 5,000.00 Permits and licenses 6,580.00 Cash 100,000 Account Receivable 20,000