0
What else can I help you with?
Consolidated income statement?
Consolidated income statement is that statement in which expenses and incomes of subsidiary as well as parents companies shown as a joint in one single income statement.
The annual sales figures for a wholly-owned subsidiary are found on?
Consolidating Income Statement
What is the journal entry to close a revenue account?
debit revenuecredit income statement
What is closing entry?
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
Consolidated income statement?
Consolidated income statement is that statement in which expenses and incomes of subsidiary as well as parents companies shown as a joint in one single income statement.
The annual sales figures for a wholly-owned subsidiary are found on?
Consolidating Income Statement
What is the journal entry to close a revenue account?
debit revenuecredit income statement
What is closing entry?
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
A company's month-end adjusting entry for Insurance Expense is 1000 If this entry is not made then expenses are understated by 1000 and net income is overstated by 1000?
Yes this is right statement as if some expenses are forgot to record it overstated the net income and reduces the expenses but in actual there is less net income then shown in income statement.
What does the journal entry to close revenue accounts involves?
Debit revenue accountCredit income statement
Is audit prepaid expenses entry come in income statement?
Prepaid expenses are not part of income statements, in accrual accounting income and expenses are only shown in income statements when they are actually incurred.
What is consolidated operating income?
Where any company holds more then 50% shares in any other company then that company holding more then 50% shares is called "PARENT COMPANY" while the company whose shares are hold by the parent company is called "Subsidiary company"So where there is a parent and subsidiary relationship is exists then it is the requirement of parent company to show the interest in subsidiary company as well as results of it's own operations in one single statement or document which is called "Consolidated Financial Statement" and Consolidated income statement is prepared to show the consolidated income of parent as well as subsidiary company together to show the combine interest of parent in all subsidiaries as well.Example:Company A holds 100% shares of company B and company B has operating income of $ 1000 and company A has income of $10000.SoConsolidated Operating income = $11000If company A holds 60% interest thenConsolidated operating income = 10000 + 600 = $10600$ 600 is the 60% share of income of Company B.
Do adjusting journal entry affect the income statement or balance sheet?
Adjusting entries affect at least one income statementand one balance sheet
A combined statement of a parent company and its subsidiary is called?
a consolidated financial statement
How do you do Income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What is carriage inwards and how does it affect the income statement?
The carriage inwards is an expense added to purchases under COGS. It is a credit entry in the icome statement, thus it reduces the gross profit
