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, 2024, Rapid Pac, Incorporated, collected the following information: ($ in

In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 84.0 Payment for the early extinguishment of long-term bonds (book value: $85.0 million) 90.0 Proceeds from the sale of treasury stock (cost: $21.0 million) 26.0 Gain on sale of land 3.0 Proceeds from sale of land 9.0 Purchase of Microsoft common stock 150.0 Declaration of cash dividends 55.0 Distribution of cash dividends declared in 2023 51.0 2. In Rapid Pacs statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2024? Note: Cash outflows 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).

($ in millions)
Cash Flows from Financing Activities:
Repayment of bondsselected answer correct $(90.0)selected answer correct
Proceeds from the sale of treasury stockselected answer correct $26.0selected answer correct
Distribution of cash dividendsselected answer correct $(51.0)selected answer correct
not attempted not attempted
not attempted not attempted
Net cash inflows (outflows) from financing activities $(115.0)

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions