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 |
Additional Information for Fiscal Year 2011
• 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 financing activities were
a. $(25,000).
b. $(37,000).
c. $(38,000).
d. $(42,000).
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