List,and Briefly Discuss,two Differences Between the Income Statement of a Service

question 7

Essay

List,and briefly discuss,two differences between the income statement of a service company and the income statement of a merchandise company.

---

Definitions:

Consolidated Equity

The total amount of owners' equity represented in a consolidated financial statement, which reflects the combine equity of a parent company and its subsidiaries.

Non-controlling Interest

The portion of equity in a subsidiary not owned by the parent company, also known as minority interest.

Profit After Tax

The net income of a company after all taxes have been deducted from revenues.