Consolidated Statement of Financial Position and a consolidated Income Statement
Provide a Consolidated Statement of Financial Position and a Consolidated Income Statement, for the year ended December 31, 2020 for LLL. We do not need a consolidated cash flow or any note disclosures at the moment. Here are some additional instructions for your task:
In Excel:
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- A properly formatted Consolidated Statement of Financial Position as at December 31, 2020 (comparative totals for 2019 are not required).
- A properly formatted Consolidated Income Statement and Statement of Retained Earnings for the year ending December 31, 2020.
- A consolidated worksheet. This will include one column for each of the three companies (LLL, KBA and TJs), the posted elimination entries (consolidated entries made in the consolidated entity) and a sum for each row that ties to the consolidated amounts in the properly formatted financial statements (A template will be provided for the worksheet). Ensure that you are referencing each entry in the worksheet.
- All the eliminating entries to adjust the consolidated balances. Please separate the entries and supporting calculations (see point 5) by subsidiary (i.e. have a heading for KBA and show all the entries and supporting calculations under that heading).
- For the December 31, 2020 financial statements you prepared above, prepare a separate supporting calculation for: Consolidated Net Income, Consolidated Retained Earnings and Non- controlling Interest.
