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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Iverson, Inc.

Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:

2011

2010

Cash

$ 7,000

$ 20,000

Accounts receivable (net)

55,000

38,000

Merchandise inventory

85,000

45,000

Buildings and equipment (net)

95,000

105,000

Trademark

85,000

100,000

Totals

$327,000

$308,000

Accounts payable

$ 75,000

$ 63,000

Notes payable, long-term

–0–

25,000

Noncontrolling interest

39,000

35,000

Common stock, $10 par

200,000

200,000

Retained earnings (deficit)

13,000

(15,000)

Totals

$327,000

$308,000

• Iverson and Oakley’s consolidated net income was $45,000.

• Oakley paid $5,000 in dividends during the year. Iverson paid $12,000 in dividends.

• Oakley sold $11,000 worth of merchandise to Iverson during the year.

• There were no purchases or sales of long-term assets during the year.

In the 2011 consolidated statement of cash flows for Iverson Company:

Net cash flows from operating activities were

a. $12,000.

b. $20,000.

c. $24,000.

d. $25,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 09:09 PM My Price 8.00

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