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This document contains the consolidated financial statements of Resolve to Save Lives, Inc. and its affiliate for the fiscal year ending December 31, 2022, along with the independent auditors\' report. It details the financial position, activities, functional expenses, and cash flows, providing insights into the organization\'s financial health, revenue sources, and expenses, including specific breakdowns for various programs and services.

How to fill out consolidated financial statements

How to fill out consolidated financial statements

1. Gather all necessary financial statements from the parent company and its subsidiaries.
2. Determine the method of consolidation (full, proportionate, or equity method).
3. Eliminate intercompany transactions and balances to avoid double counting.
4. Adjust the financial statements of subsidiaries to align with the parent’s accounting policies if needed.
5. Combine the financial statements of the parent company and subsidiaries line by line.
6. Prepare a consolidated balance sheet that includes all assets, liabilities, and equity.
7. Prepare a consolidated income statement that summarizes all revenues, expenses, and profits.
8. Review and verify the consolidated financial statements for accuracy and compliance with applicable accounting standards.
9. Ensure the notes to the consolidated financial statements provide necessary disclosures and information.

Who needs consolidated financial statements?

1. Corporations with subsidiaries or joint ventures that require reporting of financial position and performance.
2. Investors and shareholders looking for a comprehensive view of the company's overall financial health.
3. Regulatory authorities requiring compliance with financial reporting standards.
4. Creditors and lenders assessing the creditworthiness of the parent company and its subsidiaries.
5. Management for strategic decision-making and resource allocation.

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What is consolidated financial statements?

Consolidated financial statements are financial statements that present the financial position and results of operations of a parent company and its subsidiaries as a single entity.

Who is required to file consolidated financial statements?

Typically, companies that control other entities (subsidiaries) and are required to provide a complete view of their financial position are required to file consolidated financial statements. This often includes publicly traded companies.

How to fill out consolidated financial statements?

To fill out consolidated financial statements, combine the financial data of the parent and its subsidiaries, eliminating intercompany transactions and balances, and ensure adherence to the relevant accounting standards like GAAP or IFRS.

What is the purpose of consolidated financial statements?

The purpose of consolidated financial statements is to provide stakeholders with a holistic view of the financial health of a group of companies under common control, aiding in investment, lending, and regulatory decisions.

What information must be reported on consolidated financial statements?

Consolidated financial statements must report the consolidated balance sheet, consolidated income statement, consolidated cash flow statement, and notes regarding accounting policies and significant transactions within the group.