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
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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 operating activities were
a. $12,000
b. $20,000
c. $24,000
d. $25,000
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