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SOUTHWEST, INC. ___CONSOLIDATED FINANCIAL STATEMENTS for the years ended September 30, 2022, and 2021CONTENTS ___ Pages Independent Auditors Report12Consolidated Financial Statements: Balance Sheets

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How to fill out consolidated financial statements and

01

Gather financial statements for all individual entities that need to be consolidated.

02

Eliminate intercompany transactions to avoid double counting.

03

Adjust for any differences in accounting methods used by each entity.

04

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05

Prepare the consolidated income statement, balance sheet, and cash flow statement.

Who needs consolidated financial statements and?

01

Corporations with subsidiaries or investments in other entities.

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Regulatory authorities that require consolidated financial statements for public disclosure.

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What is consolidated financial statements?

Consolidated financial statements are financial reports that aggregate the assets, liabilities, equity, income, and expenses of a parent company and its subsidiaries into one comprehensive set of statements.

Who is required to file consolidated financial statements?

Companies that have controlling interests in one or more subsidiaries, typically public companies, are required to file consolidated financial statements.

How to fill out consolidated financial statements?

To fill out consolidated financial statements, one must consolidate financial data from the parent company and its subsidiaries, eliminate inter-company transactions and balances, and ensure compliance with accounting standards.

What is the purpose of consolidated financial statements?

The purpose of consolidated financial statements is to present a unified financial position of the parent company and its subsidiaries, providing stakeholders with a clear view of the overall financial health of the entire entity.

What information must be reported on consolidated financial statements?

Consolidated financial statements must report total assets, total liabilities, total equity, revenue, expenses, and net income for the entire group of companies.

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