Question

Do entities report​ revenues, expenses,​ gains, and losses in net income or other comprehensive​ income? Explain.

Answer 1

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.