Sample consolidating balance sheet

The consolidated financial statements only report income and expense activity from outside of the economic entity.Any revenue earned by the parent that is an expense of a subsidiary is omitted from the financial statements.If a company owns more than 20% but less than 50%, the company uses the equity method.

All subsidiary equity accounts such as common stock or retained earnings must be eliminated.Consolidated financial statements report the aggregate of separate legal entities.A parent company can operate as a separate corporation apart from its subsidiary companies.A non-controlling interest account may be used if the subsidiary is not wholly owned.When preparing the consolidated financial statements, the subsidiary’s balance sheet accounts are readjusted to the current fair market value of the financial assets.

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