Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:
Additional Information for Fiscal Year 2014
• 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 2014 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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