Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

What account title will not appear on consolidated financial statements?

a. Investment in MJK Corporation (35% ownership)

b. Inventory

c. Investment in EBL Corporation (80% ownership)

d. Common Stock

To determine

The account title that will not appear in the consolidated financial statement is to be determined.


Consolidated financial statements 

These are defined as the "Financial statements  of a group in which the liabilities, assets, income, equity, cash flows and expenses of the subsidiaries and the parent company are presented as those of a single economic entity"

So, the consolidated financial statements are required when over 50% of the common stock of another corporation is owned.

These statements provide a comprehensive overview of the operations of a company...

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