Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brief Exercise 11-11 Calculate net cash flows from financing activities (LO11-5) Creative Sound Systems sold investments, land, and its own common stock for $320 million
Brief Exercise 11-11 Calculate net cash flows from financing activities (LO11-5) Creative Sound Systems sold investments, land, and its own common stock for $320 million $15.2 million, and $40.4 million. respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $21.2 million $25.2 million and $12.2 million, respectively. What amount should Creative Sound Systems report as net cash flows from financing activities? (LIst cash outfiows and any decrease In cash as negative amounts. Round your answers to 1 decimal place. Enter your answers in millions (1.e., $10,100,000 should be entered as 10.1.) Answer is complete but not entirely correct. CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from financing activities Sale of investments Xs 32.0 Sale of land X 15.2 % Purchase a patent (122) X Purchase equipment (25.2) X Net cash flows from financing activities S 9.8
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started