A consolidated income statement is a summative account of the income of a company along with its operational business subsidiaries. Many ancillary firms operate under a company, the income of which contributes to the whole income of the company. The statements are prepared by fusing and consolidating the parent and constituent incomes of all the firms together.
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Sample Consolidated Income Statement
Income statement prepared for: Hide Sign
Area of business: Leather bags and shoes
Number of supplementary units: 5
Places of operation: Los Angeles, South Gate, South Pasadena, Westmont, Walnut Park
Period of income record: 16th April 2008 to 16th April, 2010
The following is the consolidated income statement of the company that merges all the income details of the subsidiary units doing individual business in separate cities and towns.
Income earned from Unit 1 (Los Angeles): $ 50, 000.00
Income earned from Unit 2 (South Gate): $ 60, 000.00
Income earned from Unit 3 (South Pasadena): $ 60, 000.00
Income earned from Unit 4 (Westmont): $ 40, 000.00
Income earned from Unit 5 (Walnut Park): $ 70, 000.00
Total income generated from each of the subsidiary unit: $ 2, 80, 000
It may be noted here that the total income is inclusive of the following considerations:
- Profits earned by the individual subsidiaries and any income change in any of them are bound to affect the parent income.
- The profits and losses of the units are directly proportional to the main income of the company
- The funds or money owed among the units are made null and void.