Consolidated Income statement and determination and distribution of excess income schedule Consolidated Income Statement is that statement which reflects operating activities of business. Through this net profit is identified by the deducting revenue from expenses. In determination and distribution of excess income schedule Through this price paid for subsidiary equity is compared with predetermine imbalance which is occurred in the consolidated worksheet because of elimination of in the investment account against the underlying subsidiary equity. To calculate: Through the information given in the question, prepare consolidation income stament with the supporting of determination and distribution of excess schedule.

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Vanessa Kerr works at Jamrock Building Society in Jamaica. For 2014, she received a basic pay of $65 000 per month, her commissions were $10,000 monthly and she also received a bonus of 5% of her monthly pay. Vanessa contributed 10% of her basic pay to a pension scheme operated by the company. Jamrock pays $30,000 per month to Vanessa's landlord. She drives a car owned by Jamrock, which is 2 years old and was purchased at a cost of $1,200,000. It is estimated that she has up to 50% private usage of the vehicle. Each month, Vanessa receives lunch vouchers worth $6,000, which may be used in Jamrock's canteen or other nearby restaurants. Jamrock provides Vanessa with a cellular phone and agrees to pay a maximum bill of $45,000 per year. For the year, Vanessa's cellular phone bill was $50,000. Jamrock has an approved ESOP plan. For the year 2014, the employees agreed to purchase 6% of the share capital of 10 million shares of $1 each. There are 50 employees in the plan and each employee…

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Chapter 3, Problem 3B.2.2AE

To determine

Consolidated Income statement and determination and distribution of excess income schedule

Consolidated Income Statement is that statement which reflects operating activities of business. Through this net profit is identified by the deducting revenue from expenses.

In determination and distribution of excess income schedule Through this price paid for subsidiary equity is compared with predetermine imbalance which is occurred in the consolidated worksheet because of elimination of in the investment account against the underlying subsidiary equity.

To calculate:

Through the information given in the question, prepare consolidation income stament with the supporting of determination and distribution of excess schedule.

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Vanessa Kerr works at Jamrock Building Society in Jamaica. For 2014, she received a basic pay of $65 000 per month, her commissions were $10,000 monthly and she also received a bonus of 5% of her monthly pay. Vanessa contributed 10% of her basic pay to a pension scheme operated by the company. Jamrock pays $30,000 per month to Vanessa's landlord. She drives a car owned by Jamrock, which is 2 years old and was purchased at a cost of $1,200,000. It is estimated that she has up to 50% private usage of the vehicle. Each month, Vanessa receives lunch vouchers worth $6,000, which may be used in Jamrock's canteen or other nearby restaurants. Jamrock provides Vanessa with a cellular phone and agrees to pay a maximum bill of $45,000 per year. For the year, Vanessa's cellular phone bill was $50,000. Jamrock has an approved ESOP plan. For the year 2014, the employees agreed to purchase 6% of the share capital of 10 million shares of $1 each. There are 50 employees in the plan and each employee…

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