2018 2017 Cash .... Accounts receivable (net) Merchandise inventory.... Buildings and equipment (net) Trademark .... $ 20,000 55,000 85,000 95,000 85,000 45,000 105,000 100,000 Totals.... $327,000 $308,000 2018 2017 Accounts payable.. Notes payable, long-term Noncontrolling interest.. Common stock, $10 par Retained earnings (deficit)... $ 75,000 $ 63,000 25,000 -0- 39,000 200,000 13,000 200,000 (15,000) Totals..... $327,000 $308,000
2018 2017 Cash .... Accounts receivable (net) Merchandise inventory.... Buildings and equipment (net) Trademark .... $ 20,000 55,000 85,000 95,000 85,000 45,000 105,000 100,000 Totals.... $327,000 $308,000 2018 2017 Accounts payable.. Notes payable, long-term Noncontrolling interest.. Common stock, $10 par Retained earnings (deficit)... $ 75,000 $ 63,000 25,000 -0- 39,000 200,000 13,000 200,000 (15,000) Totals..... $327,000 $308,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Problems 7 and 8 are based on the following information.
Comparative consolidated
Additional Information for Fiscal Year 2018
• 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 2018 consolidated statement of
Net cash flows from financing activities were
a. $(25,000)
b. $(37,000)
c. $(38,000)
d. $(42,000)
Transcribed Image Text:2018
2017
Cash ....
Accounts receivable (net)
Merchandise inventory....
Buildings and equipment (net)
Trademark ....
$ 20,000
55,000
85,000
95,000
85,000
45,000
105,000
100,000
Totals....
$327,000
$308,000
Transcribed Image Text:2018
2017
Accounts payable..
Notes payable, long-term
Noncontrolling interest..
Common stock, $10 par
Retained earnings (deficit)...
$ 75,000
$ 63,000
25,000
-0-
39,000
200,000
13,000
200,000
(15,000)
Totals.....
$327,000
$308,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education