Problems in Accounting (Answer in complete sentences) HW #3 OCI See ASC 220 (especially ASC XXXXXXXXXX) 1. What is the difference between Comprehensive Income and Other Comprehensive Income? (include...

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Problems in Accounting (Answer in complete sentences) HW #3 OCI See ASC 220 (especially ASC 220-10-45) 1. What is the difference between Comprehensive Income and Other Comprehensive Income? (include where in the financial statements they are found). 2. Describe the difference between Comprehensive Income and Net Income? 3. What ASC (s) contain significant guidance for Comprehensive Income and Other Comprehensive Income? 4. List at least 5 types of items that belong in Comprehensive Income and Other Comprehensive Income. 5. OCI is presented net of tax—show me an example of how the taxes impact the amount shown and state why “net of tax” makes sense. 6. See ASC 205-10-45. What are the components of a complete set of financial statements (use their complete, proper names). 7. How many periods should be shown in a complete set of financial statements? Is there a difference between the financial statements (as in one financial statement might require a different number of periods than a different financial statement). 8. What is the complete definition for determining whether an asset or liability should be classified as current or non-current (time period and exception)? Think back to Principles I or Intermediate I. 9. How would you describe the difference between an annual report and a complete set of financial statements? 10. Do the problem below. At the beginning of 2019, Zipper Company had the shareholders’ equity as shown below: Common stock $5 par$35,000 Additional Paid in Capital$49,000 Retained Earnings$63,000 During 2020, the following events and transactions occurred. 1. Zipper had sales revenue of $108,000. It incurred Cost of Goods Sold of $62,000 and Operating Expenses of $12,000. 2. Zipper issued 1,000 shares of its $5 par common stock for $14 per share at the beginning of the year and the same number of shares were outstanding all year. 3. Zipper had an effective cash flow hedge that increased in value (unrealized gain/loss) by $10,000 in the current year. 4. Zipper paid dividends of $6,000. 5. The company’s tax rate was 21%. Required: a) Prepare an income statement which includes net income and comprehensive income (in other words, the comprehensive income statement), but you can ignore earnings per share. b) Describe the alternative formats you could have used for this statement.