Required information [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, Rapid Pac, Inc., collected the following information: ($ in millions) $ 56.0 Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $78.0 million) Proceeds from the sale of treasury stock (cost: $14.0 million) Gain on sale of land 83.0 19.0 2.3 Proceeds from sale of land 6.9 Purchase of Microsoft common stock 136.0 Declaration of cash dividends 48.0 Distribution of cash dividends declared in 2020 44.0
Required information [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) $ 56.0 Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $78.0 million) Proceeds from the sale of treasury stock (cost: $14.0 million) Gain on sale of land 83.0 19.0 2.3 Proceeds from sale of land 6.9 Purchase of Microsoft common stock 136.0 Declaration of cash dividends 48.0 Distribution of cash dividends declared in 2020 44.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. In Rapid Pac’s statement of
![Check my work
!
Required information
[The following information applies to the questions displayed below.]
In preparation for developing its statement of cash flows for the year ended December 31, 2021,
Rapid Pac, Inc., collected the following information:
($ in millions)
$ 56.0
Fair value of shares issued in a stock dividend
Payment for the early extinguishment of
long-term bonds (book value: $78.0 million)
Proceeds from the sale of treasury stock (cost: $14.0 million)
Gain on sale of land
83.0
19.0
2.3
Proceeds from sale of land
6.9
Purchase of Microsoft common stock
136.0
Declaration of cash dividends
48.0
Distribution of cash dividends declared in 2020
44.0
2. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?
(Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1
decimal place (i.e., 5,500,000 should be entered as 5.5).)
($ in millions)
Cash Flows from Financing Activities:
Net cash inflows (outflows) from financing activities
$
0.0
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Transcribed Image Text:Check my work
!
Required information
[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,
Rapid Pac, Inc., collected the following information:
($ in millions)
$ 56.0
Fair value of shares issued in a stock dividend
Payment for the early extinguishment of
long-term bonds (book value: $78.0 million)
Proceeds from the sale of treasury stock (cost: $14.0 million)
Gain on sale of land
83.0
19.0
2.3
Proceeds from sale of land
6.9
Purchase of Microsoft common stock
136.0
Declaration of cash dividends
48.0
Distribution of cash dividends declared in 2020
44.0
2. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?
(Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1
decimal place (i.e., 5,500,000 should be entered as 5.5).)
($ in millions)
Cash Flows from Financing Activities:
Net cash inflows (outflows) from financing activities
$
0.0
%24
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