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Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910 Exercise 64
Problems 6 and 7 are based on the following information.
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co.follow:
Additional Information for Fiscal Year 2011
• 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 $11,000 worth of merchandise to Iverson during the year.
• There were no purchases or sales of long-term assets during the year.
In the 2011 consolidated statement of cash flows for Iverson Company:
Net cash flows from financing activities were
a.$(25,000).
b.$(37,000).
c.$(38,000).
d.$(42,000).LO3
LO4
LO4
LO4
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co.follow:
Additional Information for Fiscal Year 2011
• 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 $11,000 worth of merchandise to Iverson during the year.
• There were no purchases or sales of long-term assets during the year.
In the 2011 consolidated statement of cash flows for Iverson Company:
Net cash flows from financing activities were
a.$(25,000).
b.$(37,000).
c.$(38,000).
d.$(42,000).LO3
LO4
LO4
LO4
Explanation
Verified
Verified
C.
Cash flow from financing activities :...
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
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