Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What statements are included in the statement of earnings?
A) The statements of comprehensive income and other comprehensive income
B) The statement of income and the statement of retained earnings
C) The statements of income and other comprehensive income
D) The statement of income and the statement of comprehensive income

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What statements are included in the statement of earnings?
A) The statements of comprehensive income and other comprehensive income
B) The statement of income and the statement of retained earnings
C) The statements of income and other comprehensive income
D) The statement of income and the statement of comprehensive income

Quizplus · Accepted Answer

The statement of earnings typically includes the statement of income, which details the company's revenue and expenses, and the statement of comprehensive income, which includes all other changes in equity not resulting from transactions with owners.

Cost of the Asset$100,000