The consolidated income statement for the year December 31, 2012, and comparative balance sheets for 2011 and
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PARKS COMPANY AND SUBSIDIARY Consolidated Income Statement for the Year Ended December 31, 2012 Sales Cost of goods sold Gross margin Depreciation expense Other operating expenses $239,000 104,000 135,000 $27,000 72,000 Income from operations Investment income Consolidated net income Noncontrollng interest in consolidated net income Controlling interest in consolidated net income 99,000 36,000 4,500 40,500 ,000 $37,500 PARKS COMPANY AND SUBSIDIARY Consolidated Balance Sheets December 31, 2011 and 2012 2012 2011 Cash Receivables Inventory Property, plant, and equipment (net of depreciation) Long-term investment Goodwill 36,700 55,000 126,000 231,000 9,000 60,000 $547,700 16,000 90,000 92,000 225,000 39,000 60,000 $522,000 88,500 41,000 150,000 Total assets 67,500 30,000 100,000 197,500 ccounts payable Accrued expenses Bonds payable, due July 1, 2020 Total iabilities Noncontrolling interest Common stochk Retained earings 187,500 130,500 318,000 547,700 30,000 100,000 112,500 212.500 522.000 Total stockholders equity Total equities
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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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