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MINISTRY OF CARING, INC. CONSOLIDATED FINANCIAL STATEMENTS, INDEPENDENT AUDITORS REPORTS, SINGLE AUDIT, AND SUPPLEMENTARY INFORMATION DECEMBER 31, 2021 AND 2020MINISTRY OF CARING, INC. TABLE OF CONTENTS

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How to fill out consolidated financial statements and

01

Determine the entities to be included in the consolidation, ensuring they meet the criteria for consolidation

02

Eliminate intercompany transactions and balances to avoid double counting

03

Combine the financial statements of the individual entities, including balance sheets, income statements, and cash flow statements

04

Adjust for any differences in accounting policies and reporting dates

05

Calculate non-controlling interest to reflect the portion of subsidiary ownership not owned by the parent company

06

Present the consolidated financial statements to stakeholders and provide an explanation of the consolidation process

Who needs consolidated financial statements and?

01

Corporations with subsidiaries or divisions that are partially or wholly owned

02

Investors looking to gain a comprehensive view of a company's financial position and performance

03

Regulators and tax authorities requiring accurate financial information for oversight and compliance purposes

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What is consolidated financial statements and?

Consolidated financial statements combine the financial information of a parent company and its subsidiaries into one single financial statement, providing a comprehensive view of the overall financial health of the entire group.

Who is required to file consolidated financial statements and?

Publicly traded companies, as well as private companies with subsidiaries, are typically required to file consolidated financial statements in accordance with accounting standards and regulations.

How to fill out consolidated financial statements and?

To fill out consolidated financial statements, the financial information of each subsidiary must be compiled and adjusted to eliminate intercompany transactions and balances. Then, the parent company's financials are combined with the subsidiaries' financials to create the consolidated statement.

What is the purpose of consolidated financial statements and?

The purpose of consolidated financial statements is to present the financial position, performance, and cash flows of a group of entities as if they were a single entity, offering stakeholders a clearer picture of the overall financial health and performance of the group.

What information must be reported on consolidated financial statements and?

Consolidated financial statements must include the assets, liabilities, revenues, expenses, and equity of both the parent company and its subsidiaries, as well as any necessary disclosures and explanatory notes.

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