Net cash flows from operating activities were
a. $12,000
b. $20,000
c. $24,000
d. $25,000

Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:

Additional Information for Fiscal Year 2021

∙ 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.

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2021 2020 $ 7,000 Cash. Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark 55,000 85,000 95,000 85,000 $ 20,000 38,000 45,000 105,000 100,000 $308,000 Totals $327,000 Accounts payable ... Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit). $ 75,000 $ 63,000 25,000 35,000 200,000 (15,000) -0- 39,000 200,000 13,000 Totals $327,000 $308,000