Answered step by step
Verified Expert Solution
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
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
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