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The cumulative assets from the business, as well as any revenue or expenses, are recorded on the balance sheet of the parent company.

This information is also reported on the income statement of the parent company.

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But with 0,000 in debt, you probably have some private loans in your portfolio, too.

These programs, also known as debt management plans or DMPs, are a form of debt relief in which a counseling agency works with your creditors to reduce your monthly payment to a level more suitable to your current situation.

A DMP may be able to help you negotiate lower interest rates, get late fees waived, work out a payment schedule that's acceptable to you and your creditors, and consolidate your monthly payments into one.

In the context of financial accounting, the term consolidate often refers to the consolidation of financial statements, where all subsidiaries report under the umbrella of a parent company.

Consolidation also refers to the merger and acquisition of smaller companies into larger companies.