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 Creative Sound Systems report as net cash flows from financing activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answers in millions (i.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 financing activities Sale of investments 40 X Sale of land 16 X (26) X (13) X Purchase equipment Purchase a patent Net cash flows from financing activities 17

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 Creative Sound Systems report as net cash flows from financing activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answers in millions (i.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 financing activities Sale of investments 40 X Sale of land 16 X (26) X (13) X Purchase equipment Purchase a patent Net cash flows from financing activities 17

Name: Creative Sound Systems sold investments, land, and its own common sto
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Description: 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 m

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 48P

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