Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Creative Sound Systems sold investments, land, and its own common stock for $33.0 million, $14.7 million, and $39.4 million, respectively. Creative Sound Systems also

image text in transcribed

Creative Sound Systems sold investments, land, and its own common stock for $33.0 million, $14.7 million, and $39.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.7 million, $24.7 million, and $11.7 million, respectively. What amount should Creative Sound Systems report as net cash flows from financing activities? (List cash outflows and any decrease in cash as negative amounts. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from financing activities Sale of investments Sale of land Purchase equipment Purchase a patent Net cash flows from financing activities $ 33.0 14.7 (24.7) (11.7) $ 11.3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Gail Fayerman

1st Canadian Edition

9781118774113, 1118774116, 111803791X, 978-1118037911

More Books

Students also viewed these Accounting questions