Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information Exercise 21-14 (Algo) Identifying cash flows from investing activities and financing activities (L021-5, 21- 6) (The following information applies to the questions displayed
Required Information Exercise 21-14 (Algo) Identifying cash flows from investing activities and financing activities (L021-5, 21- 6) (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, Millennium Solutions, Inc. collected the following information: ($ in millions) Payment for the early extinguishments of long-term notes (book value: $68.0 million) $ 72.0 Sale of common shares 216.0 Retirement of common shares 132.0 Loss on sale of equipment 3.0 Proceeds from sale of equipment 12.0 Issuance of short-term note payable for cash 20.0 Acquisition of building for cash 12.0 Purchase of marketable securities (not a cash equivalent) 15.0 Purchase of marketable securities (considered a cash equivalent) 11.0 Cash payment for 3-year insurance policy 13.0 Collection of note receivable with interest (principal amount, $21) 23.0 Declaration of cash dividends 52.0 Distribution of cash dividends declared in 2020 49.0 Exercise 21-14 (Algo) Part 1 Required: 1. In Millennium's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5).) Answer is not complete. ($ in millions) Cash Flows From Investing Activities: Proceeds from sale of equipment Acquisition of building for cash Purchase of marketable securities Collection of note receivable 12.0 12.0 $ 26.0 Net cash inflows (outflows) from investing activities 50.0
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