On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company for $440,000. For the year ended December 31, Fain Company earned income of $114,000 and paid dividends of $35,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

1. Jan 2 Dr Investment in Fain company stock$440,000

Cr Cash $440,000

2. Dec 31 Dr Investment in Fain company stock 33,060

Cr Income of Fain company 33,060

3. Dec 31 Dr Cash $10,150

Cr Investment in Fain company stock $10,150

Explanation:

Preparation of the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

1.Preparation of the entries for Yorkshire Company for the purchase of the stock

Jan 2 Dr Investment in Fain stock$440,000

Cr Cash $440,000

2. Preparation of The journal entry for the share of Fain income

Dec 31 Dr Investment in Fain stock 33,060

Cr Income of Fain company 33,060

(29%* $114,000)

3. Preparation of the journal entry for the dividends received from Fain Company.

Dec 31 Dr Cash $10,150

Cr Investment in Fain company stock $10,150

(29%$35,000)

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

answer; /// the use of a bank credit card to make purchase;