Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help i dont get why this is wrong Creative Sound Systems sold investments, land, and its own common stock for $40 million, $16 million,

pls help i dont get why this is wrong
image text in transcribed
Creative Sound Systems sold investments, land, and its own common stock for $40 million, $16 million, and $42 million, respectively, Creative Sound Systems also purchased treasury stock, equipment, and a patent for $22 million, $26 million, and $13 million, respectively What amount should the company report as net cash flows from investing activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answers in millions (.e., $10,100,000 should be entered as 10.1).) Answer is complete but not entirely correct. CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from investing activities Sale of investments $ 40,000,000 Sale of land 16,000,000 Purchase equipment (25,000,000) Purchase a patent (13,000,000) Net cash flows from investing activities $ 17,000,000

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

Contabilidad Para No Contadores

Authors: Wayne Label

2nd Edition

9587712986, 9789587712988

More Books

Students also viewed these Accounting questions