Homework Answers
30% of the total income reported by Jones Inc. is debited to "Investment in Jones Inc." account.
30% of the total dividend declared by Jones Inc. is credited to "Investment in Jones Inc." account.
.
.
| a | Judd Co's share of net income [Total net income earned by Jones's Inc. x 30%] [Refer to "Investment in Jones, Inc." T account] | $360,000 |
| b | Judd Co.'s share of dividends [Total dividend declared by Jones Inc x 30% [Refer to "Investment in Jones, Inc." T account] | $270,000 |
| c | Totel net income reported by Jones Inc. [Judd's share of net income / 30% = $360,000 / 30%] | $1,200,000 |
| d | Total dividend declared by Jones Inc. [Judd's share of dividends / 30% = $270,000 / 30%] | $900,000 |
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