Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i wanna check if i did this right Cheyenne Co. invested $910,000 in Ayayal Co. for 25% of its outstanding stock. Ayayal Co. pays out

i wanna check if i did this right image text in transcribed
Cheyenne Co. invested $910,000 in Ayayal Co. for 25% of its outstanding stock. Ayayal Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Ayayal to answer the following questions Investment in Ayayai Co. 910,000 99,000 29,700 (a) How much was Cheyenne Co share of Ayayal Canet Income Net income $ 99,000 (b) What was Ayayal Co.'s total net income for the year? Total net income $ 252,250 (c) What was Ayayal Co.'s total dividends for the year? Total Dividends 75,675 (d) How much was Cheyenne Co.'s share of Ayayal Co.'s dividends for the year? Dividends 29,700

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Accounting And Control A Managerial Emphasis

Authors: Sidney J. Gray, Stephen B. Salter, Lee H. Radebaugh

1st Edition

0471128082, 978-0471128083

More Books

Students also viewed these Accounting questions