Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in

image text in transcribedimage text in transcribed

In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information:

($ in millions)
Fair value of shares issued in a stock dividend $ 48.0
Payment for the early extinguishment of long-term bonds (book value: $76.0 million) 81.0
Proceeds from the sale of treasury stock (cost: $12.0 million) 17.0
Gain on sale of land 2.1
Proceeds from sale of land 6.3
Purchase of Microsoft common stock 132.0
Declaration of cash dividends 46.0
Distribution of cash dividends declared in 2020 42.0

1. In Rapid Pacs statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

image text in transcribed 2. In Rapid Pacs statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) image text in transcribed

Required information (The following information applies to the questions displayed below.) In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) $ 48.0 Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $76.0 million) Proceeds from the sale of treasury stock (cost: $12.6 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2020 81.0 17.0 2.1 6.3 132.0 46.0 42.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) (5 in millions) Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activities $ 0.0 Required information (The following information applies to the questions displayed below.) In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) $ 48.0 Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $76.0 million) Proceeds from the sale of treasury stock (cost: $12.8 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft Common stock Declaration of cash dividends Distribution of cash dividends declared in 2020 81.0 17.0 2.1 6.3 132.0 46.6 42.0 2. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (I.e., 5,500,000 should be entered as 5.5).) (5 in millions) Cash Flows from Financing Activities: Net cash inflows (outflows) from financing activities $ 0.0

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

Step: 3

blur-text-image

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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

More Books

Students also viewed these Accounting questions

Question

discrete mathematics itu

Answered: 1 week ago