Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In preparation for developing its statement of cash flows for the year ended December 31, 2016, Millennium Solutions, Inc., collected the following information ($ in
In preparation for developing its statement of cash flows for the year ended December 31, 2016, Millennium Solutions, Inc., collected the following information ($ in millions): |
($ in millions) | |||
Payment for the early extinguishments of long-term notes (book value: $50 million) | $ | 54 | |
Sale of common shares | $ | 176 | |
Retirement of common shares | 122 | ||
Loss on sale of equipment | 2 | ||
Proceeds from sale of equipment | 8 | ||
Issuance of short-term note payable for cash | 10 | ||
Acquisition of building for cash | 7 | ||
Purchase of marketable securities (not a cash equivalent) | 5 | ||
Purchase of marketable securities (considered a cash equivalent) | 1 | ||
Cash payment for 3-year insurance policy | 3 | ||
Collection of note receivable with interest (principal amount, $11) | 13 | ||
Declaration of cash dividends | 33 | ||
Distribution of cash dividends declared in 2015 | 30 | ||
Required: |
1. | In Millenniums statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2016? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) |
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