Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow:
| 2013 | 2012 |
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 |
Additional Information for Fiscal Year 2013
•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 2013 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.
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