the unrealised profit is a red herring, as we are being asked for consolidated revenue. Therefore, the consolidated revenue is calculated as: $79,300 + $29,900 – $5000 = $104,200 The correct answer is D. Had the question stem asked for the consolidated cost of sales figure, the answer would be correctly calculated as: TRANSLATION OF FOREIGN ENTITY FINANCIAL STATEMENTS. The balance sheet items of consolidated companies reporting in foreign currencies are translated at the official exchange rates prevailing at year-end. Income statement items of these companies are translated at the average month-end exchange rates. Mar 26, 2008 · Typically, Each company's Balance Sheet is shown in side-by-side columns with an additional column for eliminations and the total accross each line is the Consolidated Balance Sheet. An orderly worksheet can be used to demonstrate preparation of the consolidated balance sheet. This is shown below. Amounts from both Premier’s and Sledge’s balance sheets are incorporated into the first two data columns.