Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Creative Sound Systems sold investments, land, and its own common stock for $35.0 million, $14.5 million, and $39.0 million, respectively. Creative Sound Systems also purchased
Creative Sound Systems sold investments, land, and its own common stock for $35.0 million, $14.5 million, and $39.0 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.5 million, $24.5 million, and $11.5 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 35.0 14.5 (20.5) (24.5) Net cash flows from financing activities $ 4.5
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