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

Managerial Accounting: The Cornerstone of Business Decision-Making
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ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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Chapter14: Statement Of Cash Flows
Section: Chapter Questions
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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).)
8 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) х
(13) X
Purchase equipment
Purchase a patent
Net cash flows from financing activities
$
17
Transcribed Image Text: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).) 8 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) х (13) X Purchase equipment Purchase a patent Net cash flows from financing activities $ 17
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