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Polly and Subsidiaries Income Allocation Schedule For The Year 2014 Polly Sally Jolly Wally

Polly and Subsidiaries allocates income among its shareholders for 2014. Polly earned $550,000 in separate earnings. Sally earned $345,000 and Jolly earned $200,000 after realizing profits from land sales and unrealizing other profits. Wally earned $50,000 after allocations from Jolly and Sally. Further allocations distributed Jolly's income to Sally and Wally's and Sally's income to Polly, resulting in Polly having a controlling share of $356,000 net income.

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46 views1 page

Polly and Subsidiaries Income Allocation Schedule For The Year 2014 Polly Sally Jolly Wally

Polly and Subsidiaries allocates income among its shareholders for 2014. Polly earned $550,000 in separate earnings. Sally earned $345,000 and Jolly earned $200,000 after realizing profits from land sales and unrealizing other profits. Wally earned $50,000 after allocations from Jolly and Sally. Further allocations distributed Jolly's income to Sally and Wally's and Sally's income to Polly, resulting in Polly having a controlling share of $356,000 net income.

Uploaded by

sherlyne
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Polly and Subsidiaries

Income Allocation Schedule


For the year 2014
  Polly Sally Jolly Wally
Separate earnings $ 550,000 $ 350,000 $ 200,000 $   60,000
Add: Realized profit from sale of   $    15,000   $    10,000
land
Less: Unrealized profit from sale _____________ $ (20,000)  ____________ $  (20,000)
of land
         
Separate realized earnings $ 550,000 $ 345,000 $ 200,000 $   50,000
Allocate Wally’s income        
50% to Jolly     $   25,000 $  (25,000)
10% to Sally   $      5,000   $  (  5,000)
30% to Polly $   15,000   ___________ $  (15,000)
      $ 225,000  
Allocate Jolly’s income        
70% to Sally   $   157,500 $  (157,500)  
    $ 507,500    
Allocate Sal’s income        
80% to Polly $ 406,000 $(406,000)    
Patent     (500,000) ______________________________________
Controlling share of net income $ 356,000      
Non-controlling interest share

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