Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Textbook Question
Chapter 6, Problem 7P
Problems 7 and 8 are based on the following information.
Comparative consolidated
| 2018 | 2017 | ||
| Cash | $ 7,000 | $ 20,000 | |
| 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 | |
| 13,000 | (15,000) | ||
| Totals | $327,000 | $308,000 | |
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
cash flows for Iverson Company:
7. Net cash flows from operating activities were
a. $12,000
b. $20,000
c. $24,000
d. $25,000
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Use the following consolidated balance sheet for Campbell Soup Company annual report.
CAMPBELL SOUP COMPANY
Consolidated Balance Sheets
(Millions, except per share amounts)
July 31, 2016
Current assets
Cash and cash equivalents
$
296
Accounts receivable, net
626
Inventories
940
Other current assets
46
Total current assets
1,908
Plant assets, net of depreciation
2,407
Goodwill
2,263
Other intangible assets, net of amortization
1,152
Other assets ($34 as of 2016 attributable to variable interest entity)
107
Total assets
$
7,837
Current liabilities
Short-term borrowings
$
1,219
Payable to suppliers and others
610
Accrued liabilities
604
Dividend payable
100
Accrued income taxes
22
Total current liabilities
2,555
Long-term debt
2,314
Deferred taxes
396
Other liabilities
1,039…
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
Net cash flows from operating activities were:
Multiple Choice
O
O
O
O
$15,700.
$41,050.
$20,700.
$41,400.
Chapter 6 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 6 - Prob. 1QCh. 6 - Prob. 2QCh. 6 - When is a firm required to consolidate the...Ch. 6 - Prob. 4QCh. 6 - Prob. 5QCh. 6 - Prob. 6QCh. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - Prob. 9QCh. 6 - Prob. 10Q
Ch. 6 - Prob. 11QCh. 6 - How do noncontrolling interest balances affect the...Ch. 6 - Prob. 13QCh. 6 - Prob. 14QCh. 6 - Prob. 15QCh. 6 - Prob. 16QCh. 6 - Prob. 17QCh. 6 - Prob. 1PCh. 6 - Prob. 2PCh. 6 - Prob. 3PCh. 6 - Prob. 4PCh. 6 - Prob. 5PCh. 6 - Prob. 6PCh. 6 - Problems 7 and 8 are based on the following...Ch. 6 - Prob. 8PCh. 6 - Bens man Corporation is computing EPS. One of its...Ch. 6 - Prob. 10PCh. 6 - Prob. 11PCh. 6 - Prob. 12PCh. 6 - Prob. 13PCh. 6 - Prob. 14PCh. 6 - Prob. 15PCh. 6 - Prob. 16PCh. 6 - On January 1, Coldwater Company has a net book...Ch. 6 - Prob. 18PCh. 6 - Prob. 19PCh. 6 - Prob. 20PCh. 6 - On January 1, 2018, Stamford issues 10,000...Ch. 6 - On January 1, 2018, Stamford reacquires 8,000 of...Ch. 6 - Prob. 23PCh. 6 - Prob. 24PCh. 6 - On December 31, 2017. PanTech Company invests...Ch. 6 - Prob. 26PCh. 6 - Prob. 27PCh. 6 - Prob. 28PCh. 6 - Prob. 29PCh. 6 - Prob. 30PCh. 6 - Prob. 31PCh. 6 - Prob. 32PCh. 6 - Prob. 33PCh. 6 - Prob. 34PCh. 6 - Prob. 35PCh. 6 - Alford Company and its 80 percentowned subsidiary,...Ch. 6 - Prob. 37PCh. 6 - Prob. 38PCh. 6 - Prob. 39PCh. 6 - Prob. 40PCh. 6 - Prob. 41PCh. 6 - Prob. 42PCh. 6 - Prob. 43PCh. 6 - Prob. 44PCh. 6 - Fred, Inc., and Herman Corporation formed a...Ch. 6 - Prob. 46PCh. 6 - Prob. 47PCh. 6 - Prob. 48PCh. 6 - Prob. 49PCh. 6 - Prob. 50PCh. 6 - Prob. 1DYSCh. 6 - Prob. 2DYSCh. 6 - The FASB ASC Subtopic Variable Interest Entities...
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