Respuesta :
Both of these choices are correct as they are rightly presented.
KINGSTON TRADERS
Statement of Comprehensive Income
For the Year Ended February 29, 2020
Net income $140,000
Other comprehensive income $20,000
Comprehensive income $160,000
KINGSTON TRADERS
Income Statement
For the Year Ended February 29, 2020
Sales $625,000
Cost of goods sold $350,000
Gross profit $275,000
Operating expenses $135,000
Net income $140,000
Other comp. income $20,000
Comprehensive income $160,000
The terms "profit" and "income" are often used interchangeably in life. In corporate finance, however, those terms could have very different and specific meanings, depending on the context in which they are used.
while income does mean positive flow of cash right into a business, net income is something much more complex. profit is generally understood to refer to the cash that is left over after accounting for expenses. although each gross earnings and working profit fit this definition in the simplest sense, the kinds of income and expenses which are accounted for differ in important ways
Learn more about income https://brainly.com/question/21324805
#SPJ9
