Sheridan Co. invested $980,000 in Skysong Co. for 25% of its outstanding stock. Skysong Co. pays...
Sheridan Co. invested $980,000 in Skysong Co. for 25% of its
outstanding stock. Skysong Co. pays out 30% of net income in
dividends each year.
Use the information in the following T-account for the investment
in Skysong to answer the following questions.
|
Investment in Skysong Co. |
|
|---|---|
| 980,000 | |
| 113,000 | |
| 33,900 | |
(a) How much was Sheridan Co.’s share of Skysong
Co.’s net income for the year?
| Net income |
(b) What was Skysong Co.’s total net income for
the year?
| Total net income |
(c) What was Skysong Co.’s total dividends for the
year?
| Total Dividends |
(d) How much was Sheridan Co.’s share of Skysong
Co.’s dividends for the year?
| Dividends |
Homework Answers
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Sheridan Co. invested $980,000 in Skysong Co. for 25% of its
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