Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement.
Assume Large Corporation Invested $ 600,000 for Small Corporation and the estimated Fair Market Values of Assets, Liabilities and Equity Accounts are as follows: Assets Amount $ Liabilities Amount $ Account Receivable Inventory LT Marketable Securities PP & E 125,000 50,000 55,000 170,000 400,000 Account Payables Retained Earnings Commons Stock 180,000 120,000 100,000 400,000 Required: […]