Creative Sound Systems sold investments, land, and its own common stock for $37.0 million, $15.7 million, and $41.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $21.7 million, $25.7 million, and $12.7 million, respectively. What amount should Creative Sound Systems report as net cash flows from financing activities? (List cash outflows and any decrease in cash as negative amounts. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).)

Creative Sound Systems sold investments, land, and its own common stock for $37.0 million, $15.7 million, and $41.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $21.7 million, $25.7 million, and $12.7 million, respectively. What amount should Creative Sound Systems report as net cash flows from financing activities? (List cash outflows and any decrease in cash as negative amounts. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).)

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13.1APR

See similar textbooks

Similar questions

Required information Exercise 21-13 (Static) Identifying cash flows from investing activities and financing activities [LO21-5, 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, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 65 Payment for the early extinguishment of long-term bonds (book value: $97 million) 102 Proceeds from the sale of treasury stock (cost: $17 million) 22 Gain on sale of land 4 Proceeds from sale of land 12 Purchase of Microsoft common stock 160 Declaration of cash dividends 44 Distribution of cash dividends declared in 2023 40 Exercise 21-13 (Static) Part 1 Required: 1. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2024? Note: Cash outflows should be indicated with a…
Required information Exercise 21-13 (Static) Identifying cash flows from investing activities and financing activities [LO21-5, 21-6] Skip to question [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 65 Payment for the early extinguishment of long-term bonds (book value: $97 million) 102 Proceeds from the sale of treasury stock (cost: $17 million) 22 Gain on sale of land 4 Proceeds from sale of land 12 Purchase of Microsoft common stock 160 Declaration of cash dividends 44 Distribution of cash dividends declared in 2023 40 Exercise 21-13 (Static) Part 2 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2024? Note: Cash outflows should be indicated…
8. State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:12. Sweeter Enterprises Inc. has cash flows from operating activities of $300,000. Cash flows used for investments in property, plant, and equipment totaled $63,000, of which 60% of this investment was used to replace existing capacity.
7. Use the following information from Dubuque Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets Sales $299,000 Cost of Goods Sold (135,000) Operating Expenses, other than depreciation expense. (27,000) Depreciation Expense (17,000) Gain on Sale of Plant Assets 16,500 ------------- Net Income…
Problem 8-5: Centralia Stores Inc. had property, plant, and equipment, net of accumulated depreciation, of $4,459,000 and intangible assets, net of accumulated amortization, of $673,000 on December 31, 2016. The company’s 2016 statement of cash flows, prepared using the indirect method, included the following items: The Cash Flows from Operating Activities section included three additions to net income: Depreciation expense of $672,000 Amortization expense of $33,000 Loss on the sale of equipment of $35,000 The Cash Flows from Operating Activities section also included a subtraction from net income for the gain on the sale of copyright of $55,000. The Cash Flows from Investing Activities section included outflows for the purchase of a building of $292,000 and $15,000 for the payment of legal fees to protect a patent from infringement. The Cash Flows from Investing Activities section also included inflows from the sale of equipment of $315,000 and the sale of copyright of $75,000.…
P5-13 Statement of Cash Flows The following are Mueller Company’s cash flow activities: a. Net income, $68,000b. Increase in accounts receivable, $4,400c. Receipt from sale of common stock, $12,300.d. Depreciation expense, $11,300 e. Dividends paid, $24,500 f. Payment for purchase of building, $65,000g. Bond discount amortization, $2,700 h. Receipt from sale of long-term invest-ments at cost, $10,600i. Payment for purchase of equipment, $8,000.j. Receipt from sale of preferred stock, $20,000k. Increase in income taxes payable, $3,500 l. Payment for purchase of land, $9,700 m. Decrease in accounts payable, $2,900n. Increase in inventories, $10,300 o. Beginning cash balance, $18,000 Required: Prepare Mueller Company’s statement of cash flows.
Problem 11-4A Prepare a statement of cash flows—indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 2,636,000 Expenses: Cost of goods sold $ 1,600,000 Operating expenses 788,000 Depreciation expense 20,000 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 2,467,800 Net income $ 168,200 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 159,180 $ 85,940 Accounts receivable 73,300 53,000 Inventory 105,000 128,000 Prepaid rent 9,120 4,560 Long-term assets: Investments 98,000…
Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)
Free cash flow Dillin Inc. reported the following on the company’s statement of cash flows in 20Y2 and 20Y1: Line Item Description 20Y2 20Y1 Net cash flows from operating activities $520,000 $485,000 Net cash flows used for investing activities (432,000) (394,000) Net cash flows used for financing activities (42,000) (58,800) Of the net cash flows used for investing activities, 60% was used for the purchase of property, plant, and equipment. a. Determine Dillin’s free cash flow for both years.
16. For the year ended December 31, 2003, ALASKA had cash flow from operating activities of P12,000, cash flow from investment activities of -$10,000, and cash flow from financing activities of P4,000. The Statement of Cash Flows would show aA. net decrease of P18,000 in cash and marketable securities.B. net decrease of P6,000 in cash and marketable securities.C. net increase of P6,000 in cash and marketable securities.D. net increase of P2,000 in cash and marketable securities.
Free cash flow Dillin Inc. reported the following on the company’s statement of cash flows in 20Y2 and 20Y1: 20Y2 20Y1 Net cash flow from operating activities $476,200 $452,000 Net cash flow used for investing activities (429,000) (375,000) Net cash flow used for financing activities (45,000) (59,000) Eighty percent of the net cash flow used for investing activities was used for the purchase of property, plant, and equipment. a. Determine Dillin’s free cash flow for both years. 20Y2 20Y1 Free cash flow $fill in the blank 1 $fill in the blank 2
15. For the year ended December 31, 2003, Talk and Text had cash flow from operating activities of P20,000, cash flow from investment activities of -P15,000, and cash flow from financing activities of -P10,000. The Statement of Cash Flows would show aA. net increase of P5,000 in cash and marketable securities.B. net decrease of P5,000 in cash and marketable securities.C. net decrease of P15,000 in cash and marketable securities.D. net increase of P25,000 in cash and marketable securities.