Question

Jenkins Corp.'s financial statement sections are as follows: [0] Balance Sheet on: Dec 31, 2016 |...

Jenkins Corp.'s financial statement sections are as follows: [0]

Balance Sheet on: Dec 31, 2016 | Dec 31, 2015
◊―――――――――――――――――――――――――――◊
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
◊―――――――――――――――――――――――――――◊
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?

Homework Answers

Answer #1
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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