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UNITED 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 1934For the quarterly period ended
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Condensed consolidated statements are financial statements that provide a summary of the financial position and performance of a parent company and its subsidiaries, consolidated into a single report. They typically include condensed versions of the balance sheet and income statement.
Publicly traded companies and certain private companies that meet specific criteria such as having subsidiaries or significant financial obligations are required to file condensed consolidated statements.
To fill out condensed consolidated statements, companies must aggregate the financial data of the parent and its subsidiaries, eliminate intercompany transactions, and distill the results into a condensed format that meets accounting standards.
The purpose of condensed consolidated statements is to provide stakeholders with an overview of the financial health and operations of a combined entity, ensuring clarity and transparency in reporting financial performance.
Condensed consolidated statements must report key financial information such as total assets, total liabilities, equity, revenue, expenses, and net income for the consolidated entities.
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