Check out our NEW line of Home Care products from Bayes & Odor Assassin in our Cleaning Supplies Sections. We are an authorized independent dealer of Kirby vacuum bags and parts. All of our Kirby supplies are purchased from an authorized Kirby vacuum parts distributor. The Kirby company website address is www.kirby.com.
Accumulated other comprehensive income is a general ledger account that is classified within the equity section of the balance sheet. It is used to accumulate unrealized gains and unrealized losses on those line items in the income statement that are classified within the other comprehensive income category.
In addition to reporting the gains or losses (and other elements of comprehensive income) that occur in the current reporting period, we also report these amounts on a cumulative basis in the balance sheet. Comprehensive income includes (a) net income and (b) other comprehensive income.Notice that we report net income that occurs in the current reporting period in the income statement and also report accumulated net income (that hasnt been distributed as dividends) in the balance sheet as retained earnings.omprehensive income, as you may recall from Chapter 4, is a more expansive view of income than traditional net income. In fact, it encompasses all changes in equity other than from transactions with owners. 18 So, in addition to net income, comprehensive income includes up to four other changes in equity.