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Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percentowned subsidiary Oakley Co. follow:
| | 2021 | | 2020 | |
| Cash | $ | 19,500 | | | $ | 19,950 | | |
| Accounts receivable (net) | | 42,200 | | | | 22,000 | | |
| Merchandise inventory | | 106,550 | | | | 49,750 | | |
| Buildings and equipment (net) | | 101,400 | | | | 121,000 | | |
| Trademark | | 105,000 | | | | 126,000 | | |
| Totals | $ | 374,650 | | | $ | 338,700 | | |
| Accounts payable | $ | 91,200 | | | $ | 70,500 | | |
| Notes payable, long-term | | 0 | | | | 26,100 | | |
| Noncontrolling interest | | 67,700 | | | | 59,500 | | |
| Common stock, $10 par | | 200,000 | | | | 200,000 | | |
| Retained earnings (deficit) | | 15,750 | | | | (17,400 | ) | |
| Totals | $ | 374,650 | | | $ | 338,700 | | |
| |
Additional Information for Fiscal Year 2021
- Iverson and Oakleys consolidated net income was $56,750.
- Oakley paid $7,000 in dividends during the year. Iverson paid $14,000 in dividends.
- Oakley sold $15,900 worth of merchandise to Iverson during the year.
- There were no purchases or sales of long-term assets during the year.
In the 2021 consolidated statement of cash flows for Iverson Company:
Net cash flows from operating activities were:
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