FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The purchase was 20,000 shares at $10 per

On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The 

On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The purchase was 20,000 shares at $10 per share. Jones received dividends from Pilots in the amount of $15,000 on June 15 and again on December 15. Pilots reported net income for the year ended December 31 in the amount of $200,000. What is the journal entry, if any, that Jones needs to make dated December 31?

Step by Step Solution

★★★★★

3.46 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

To determine the journal entry that Jones Ventures Inc needs to make on December 31 we need to consi... 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_2

Step: 3

blur-text-image_3

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

International Financial Reporting
International Financial Reporting

Authors: Alan Melville

7th Edition

1292293128, 9781292293127

More Books

Students explore these related Accounting questions

Question

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 3 weeks ago

Question

A major cattle feeding operation has entered into a firm commitment to buy 100,000 bushels of corn to be delivered to its feed lot in Kansas. The corn is expected to be delivered in 90 days. The...

Answered: 3 weeks ago

Question

You are the newly appointed head of the finance team for Charm Plc (Charm) a company that manufacturers machinery in both the UK and overseas markets. One of your first tasks as head of the finance...

Answered: 3 weeks ago

Question

apple company: 1.what are key characteristics of the industry? 2. where is the company in its life cycle?

Answered: 3 weeks ago

Question

Develop a list of quality standards or requirements related to meeting the stakeholder expectations described above. Also provide a brief description of each requirement. For example, a requirement...

Answered: 3 weeks ago

Question

a. Sketch, on the same set of axes, in the interval 0 360, the graphs of y = sec and y = cos . b. Explain how your graphs show that sec = cos has no solutions.

Answered: 3 weeks ago

Question

1.54 Diamonds Are Forever! Much of the world's diamond industry is located in Africa, with Russia and Canada also showing large revenues from their diamond mining industries. A visual representation...

Answered: 3 weeks ago

Question

(a) Rochelle Company ships merchandise to Jay Company on December 30. The merchandise reaches the buyer on January 6. Indicate the terms of sale that will result in the goods being included in (1)...

Answered: 3 weeks ago

Question

Which part of a modern router is implemented in software

Answered: 3 weeks ago

Question

Mrs. Yacumflastor, who is 68 years old, has correctly computed the following separate amounts in respect of income for tax purposes in 2023 for both her and her husband, who is 66 years old. (Amounts...

Answered: 3 weeks ago

Question

1 point What is the value of a share of common stock one year from now that paid $4 dividend at the end of last year and is expected to pay a cash dividend every year from now to infinity, with that...

Answered: 3 weeks ago

Question

3-37. In a motion capture study of a runner, one frame shows the subject support- ing her weight on one leg, as shown in Fig. P3.37. The length of the foot seg- ment (from ankle to toe) is 8 in. and...

Answered: 3 weeks ago

Question

Exhibit 12-1 A square of side 2 is removed from one corner of a square sandwich that has sides of length L. The center of mass of th remainder of the sandwich moves from C to C'. Use this exhibit to...

Answered: 3 weeks ago

Question

5. A consumer decides not to buy a VCR when her income is $20,000. However, when her income rises to $30,000, she decides to buy one. In a single diagram, draw the budget lines and indifference...

Answered: 3 weeks ago

Question

1. With loads A, B, C, and D applied as shown, find: (a) (6 points) The total moment about point O. (b) (4 points) The moment about the axis from O to A. If A 75 N, B=25 N, C=50 N, and D = 100 N. B B...

Answered: 3 weeks ago

Question

A lender encourages a borrower who receives a federally related mortgage loan from it to employ an attorney to perform the title searches and related settlement services in connection with their...

Answered: 3 weeks ago

Question

Utah Corp. has two divisions: Parts and Assembly. The Parts Division makes Part C2 for sale to outside customers: Production capacity 24,000 units per month Demand from outside customers 23,000 units...

Answered: 3 weeks ago

Question

Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.

Answered: 3 weeks ago

Question

Western Trading plc is a company which uses a variety of component parts in its manufacturing operations. One of the company's suppliers has recently gone out of business and therefore Western is now...

Answered: 3 weeks ago

Question

List the four main categories of employee benefits which are identified by international standard IAS19 and give examples of each category.

Answered: 3 weeks ago

Question

Define the term "revenue". Also explain the "five-step model" for the recognition and measurement of revenue which is set out in international standard IFRS15.

Answered: 3 weeks ago

Question

Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2017, are shown below. Requirements 1. Make the adjusting entries that account for the difference between the two...

Answered: 3 weeks ago

Question

During 2017, Many Miles Trucking paid salary expense of $40 million. At December 31, Many Miles accrued salary expense of $2 million. Many Miles paid $1.9 million to its employees on January 3, 2018,...

Answered: 3 weeks ago

Question

A company's balance sheet at December 31, 2015, 2016, and 2017 and income statement for the years ended December 31, 2015, 2016, and 2017 include the data on pages 169-170. Requirements Use the years...

Answered: 3 weeks ago

Previous Question Next Question