Jenkins Corp.'s financial statement sections are as follows:
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Balance Sheet on: Dec 31, 2016 | Dec 31, 2015
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Cash: 82,000 | 70,000
Accounts receivable (net): 102,000 | 90,000
Inventories: 152,000 | 140,000
Property and Equipment, Cost: 162,000 | 150,000
Accumulated Depreciation: (46,000) | (16,000)
Equity Investment in Pitt Corp.: 92,000 | 80,000
Total assets: 544,000 | 514,000
Income statement for year ending: Dec 31, 2016
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Sales and other revenue: 872,600
Cost of goods sold: (636,740)
Gross profit: 235,860
Selling and administrative expense: (66,593)
Advertising expense: (44,224)
Operating profit loss: 102,674
Interest expense: (14,924)
Earnings from Equity affiliate Pitt Corp.: 28,078
income before income taxes: 115,828
Income taxes: (22,467)
Net income before allocation to noncontrolling interests:
93,361
Less noncontrolling interests: (823)
Net income: 92,538
How much did Jenkins Corp. receive as dividends from Pitt Corp. in
2016?
If earnings from equity affiliate Pitt corp is only Jekin's share of income | |
Investment in Pitt Corp | |
Beginning balance 1 Jna, 2016 | 80000 |
Equity income from Pitt | 28078 |
End balance | 92000 |
Dividends | 16078 |
Investment balance in Pitt corp | =Beginning balance+equity income-dividends |
92000 | =80000+28078-dividends |
Dividends | =80000+28078-92000 |
16078 | |
If earnings from equity affiliate Pitt corp is only total income including NCI | |
Investment in Pitt Corp | |
Beginning balance 1 Jna, 2016 | 80000 |
Equity income from Pitt | 27255 |
End balance | 92000 |
Dividends | 15255 |
Investment balance in Pitt corp | =Beginning balance+equity income-dividends |
92000 | =80000+27255-dividends |
Dividends | =80000+27255-92000 |
15255 |
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