Hyson plc acquired 75% of the shares in Green plc on 1 January 20X0 for £6 million
Question:
The summarized statements of comprehensive income for the year ended 31.12.X0 were as follows:
There were no inter-company transactions. Depreciation of non-current assets is charged to cost of sales.
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31 December20X0.
Hyson Green 23,500 Revenue Cost of sales Gross profit Expenses Profit before tax Income tax expense Profit for the period 7,100 4,650 2,450 740 1,710 6,400 4,700 1,700 I 240 460 140 320
Step by Step Answer:
000 Revenue 235006400 29900 Cost of sales 164004700200 21300 Gross p...View the full answer
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
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