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Table of ContentsUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549Form 10Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly

How to fill out consolidated statement of income

How to fill out consolidated statement of income

1. Start by identifying all sources of revenue for the period covered by the statement.
2. Calculate the total revenue by summing up the revenues from each source.
3. Identify all expenses incurred during the same period.
4. Categorize the expenses into different types such as cost of goods sold, operating expenses, and interest expenses.
5. Calculate the total expenses by summing up the expenses from each category.
6. Calculate the gross profit by subtracting the total expenses from the total revenue.
7. Deduct any non-operating income or expenses from the gross profit to arrive at the operating profit.
8. Deduct taxes and any other applicable deductions from the operating profit to arrive at the net profit.
9. Add any non-controlling interests or minority interests to the net profit to arrive at the consolidated net profit.
10. Present the consolidated statement of income in a clear and organized manner, showing the revenue, expenses, gross profit, operating profit, net profit, and consolidated net profit for the period.

Who needs consolidated statement of income?

1. A consolidated statement of income is needed by businesses and organizations that have multiple subsidiaries or divisions.
2. It is also required by regulatory bodies and shareholders to assess the financial performance of the entire entity.
3. Investors and potential investors may also require a consolidated statement of income to make informed investment decisions.
4. Furthermore, banks and financial institutions may request a consolidated statement of income as part of their due diligence process.

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What is consolidated statement of income?

The consolidated statement of income is a financial report that combines the revenues, expenses, and profits of a parent company and its subsidiaries into a single statement. It provides an overview of the financial performance of the entire corporate group.

Who is required to file consolidated statement of income?

Companies that own controlling interests in one or more subsidiaries are generally required to file a consolidated statement of income. This includes public companies and private companies that meet specific criteria set by regulatory agencies.

How to fill out consolidated statement of income?

To fill out a consolidated statement of income, start by aggregating the income and expenses from the individual financial statements of the parent and subsidiaries. Eliminate any intercompany transactions and balances to avoid double counting, and present the final aggregated totals in accordance with applicable accounting standards.

What is the purpose of consolidated statement of income?

The purpose of the consolidated statement of income is to provide stakeholders with a clear view of the overall financial performance of a corporate group, helping investors, creditors, and management assess profitability and make informed decisions.

What information must be reported on consolidated statement of income?

The consolidated statement of income must report total revenues, cost of goods sold, gross profit, operating expenses, operating income, non-operating income and expenses, income tax expense, and net income for the entire corporate group.