Advance Accounting - Oakley Co.
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Comparative Consolidataed balance sheet data for Iverson, Inc., and its 80 percent owned susidiary Oakley Co. follow:
2011 2010
cash 7000 20000 accounts receivable (net) 55000 38000 merchandise inventory 85000 45000 building and equipment (net) 95000 105000 trademark 85000 100000 Totals 327000 308000 accounts payable 75000 63000 notes payable, long term 0 25000 noncontrolling interest 39000 35000 common stock, $10 par 200000 200000 retained earning (deficit) 13000 -15000 Totals 327000 308000
Additional Information for fiscal year 2011:
1. Iverson and Oakley's consolidated net income was 45000.
2. Oakley paid 5000 in dividends during the year. Iverson paid 12000 in dividends.
3. Oakley sold 11000 worth of merchandise to Iverson during the year.
4. There were no purchases or sales of long term assets during the year.
7 (use information above)
Net cash flows from financing activities were:
A: -25,000
B: -37,000
C: -38,000
D: -42,000
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Solution Summary
The solution computes Net Cash flows from financing activities for Oakley Co.
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