Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: Cash Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark Totals Accounts payable Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit) Totals 2018 2017 $ 34,100 $ 17,750 64,000 46,000 95,450 51,250 93,300 111,000 103,200 121,500 $ 390,050 $ 347,500 $ 106,050 $ 86,750 31,800 53,250 200,000 (24,300) 0 62,250 200,000 21,750 $ 390,050 $ 347,500 Additional Information for Fiscal Year 2018 Iverson and Oakley's consolidated net income was $68,250. Oakley paid $6,000 in dividends during the year. Iverson paid $12,000 in dividends. • Oakley sold $16,900 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 cash flows for Iverson Company: Net cash flows from operating activities were
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: Cash Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark Totals Accounts payable Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit) Totals 2018 2017 $ 34,100 $ 17,750 64,000 46,000 95,450 51,250 93,300 111,000 103,200 121,500 $ 390,050 $ 347,500 $ 106,050 $ 86,750 31,800 53,250 200,000 (24,300) 0 62,250 200,000 21,750 $ 390,050 $ 347,500 Additional Information for Fiscal Year 2018 Iverson and Oakley's consolidated net income was $68,250. Oakley paid $6,000 in dividends during the year. Iverson paid $12,000 in dividends. • Oakley sold $16,900 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 cash flows for Iverson Company: Net cash flows from operating activities were
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 4PB
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Question
![Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow:
Cash
Accounts receivable (net)
Merchandise inventory
Buildings and equipment (net)
Trademark
Totals
Accounts payable
Notes payable, long-term
Noncontrolling interest
Common stock, $10 par
Retained earnings (deficit)
Totals
2018
$ 34,100
64,000
95,450
93,300
103,200
$ 390,050
$ 106,050
62,250
200,000
21,750
$ 390,050
2017
$ 17,750
46,000
51,250
111,000
121,500
$347,500
$ 86,750
31,800
53,250
200,000
(24,300)
$ 347,500
Additional Information for Fiscal Year 2018
• Iverson and Oakley's consolidated net income was $68,250.
• Oakley paid $6,000 in dividends during the year. Iverson paid $12,000 in dividends.
Oakley sold $16,900 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 cash flows for Iverson Company:
Net cash flows from operating activities were](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b8652d4-68f8-4677-bb68-9923c754a1d9%2F3397a4ff-8968-496c-91bf-bc4483e8b288%2Fp2q22p_processed.png&w=3840&q=75)
Transcribed Image Text:Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow:
Cash
Accounts receivable (net)
Merchandise inventory
Buildings and equipment (net)
Trademark
Totals
Accounts payable
Notes payable, long-term
Noncontrolling interest
Common stock, $10 par
Retained earnings (deficit)
Totals
2018
$ 34,100
64,000
95,450
93,300
103,200
$ 390,050
$ 106,050
62,250
200,000
21,750
$ 390,050
2017
$ 17,750
46,000
51,250
111,000
121,500
$347,500
$ 86,750
31,800
53,250
200,000
(24,300)
$ 347,500
Additional Information for Fiscal Year 2018
• Iverson and Oakley's consolidated net income was $68,250.
• Oakley paid $6,000 in dividends during the year. Iverson paid $12,000 in dividends.
Oakley sold $16,900 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 cash flows for Iverson Company:
Net cash flows from operating activities were
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