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sergiy2304 [10]
3 years ago
7

On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company for $440,000. For the year ended December

31, Fain Company earned income of $114,000 and paid dividends of $35,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.
Business
1 answer:
Virty [35]3 years ago
3 0

Answer:

1. Jan 2 Dr Investment in Fain company stock$440,000

Cr Cash $440,000

2. Dec 31 Dr Investment in Fain company stock 33,060

Cr Income of Fain company 33,060

3. Dec 31 Dr Cash $10,150

Cr Investment in Fain company stock $10,150

Explanation:

Preparation of the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

1.Preparation of the entries for Yorkshire Company for the purchase of the stock

Jan 2 Dr Investment in Fain stock$440,000

Cr Cash $440,000

2. Preparation of The journal entry for the share of Fain income

Dec 31 Dr Investment in Fain stock 33,060

Cr Income of Fain company 33,060

(29%* $114,000)

3. Preparation of the journal entry for the dividends received from Fain Company.

Dec 31 Dr Cash $10,150

Cr Investment in Fain company stock $10,150

(29%$35,000)

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5 0
2 years ago
Today is your 20th birthday, and your parents just gave you $5,000 that you plan to use to open a stock brokerage account. You p
Alex Ar [27]

Answer:

You anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

Explanation:

To calculate this, we use the formula for calculating the future value (FV) and FV of ordinary annuity as appropriate as given below:

FVd = D * (1 + r)^n ......................................................................... (1)

FVo = P * {[(1 + r)^n - 1] ÷ r} ...................... (2)

Where,

FVd = Future value of initial deposit or balance amount as the case may be = ?

FVo = FV of ordinary annuity starting from a particular year = ?

D = Initial deposit = $5,000

P = Annual deposit =s $500

r = Average annual return = 12%, or 0.12

n = number years = to be determined as necessary

a) FV in five years from now

n = 5 for FVd

n = 4 for FVo

Substituting the values into equations (1) and (2), we have:

FVd = $5,000 * (1 + 0.12)^5 = $8,812

FVo = $500 * {[(1 + 0.12)^4 - 1] ÷ 0.12} = $2,390

FV5 = Total FV five years from now = $8,812 + $2,390 = $11,201

FVB5 = Balance after $5,000 withdrawal  in year 5 = $11,201 - $5,000 = $6,201.

b) FV in 10 years from now

n = 10 - 5 = 5 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB5 = $6,201 * (1 + 0.12)^5 = $10,928

FVo = $500 * {[(1 + 0.12)^5 - 1] ÷ 0.12} = $3,176

FV10 = Total FV 10 years from now = $10,928 + $3,176 = $14,104

FVB10 = Balance after $10,000 withdrawal  in year 10 = $14,104 - $10,000 = $4,104

c) FV in 45 years from now

n = 45 - 10 = 35 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB10 = $4,104 * (1 + 0.12)^35 = $216,690

FVo = $500 * {[(1 + 0.12)^35 - 1] ÷ 0.12} = $215,832

FV45 = Total FV 45 years from now = $216,690 + $215,832 = $432,522

Conclusion

Therefore, you anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

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Answer:

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Explanation:

Giving the following information:

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