Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 11, Problem 11.8BE
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
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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 the company report as net cash flows from investing activities?
Creative Sound Systems sold investments, land, and its own common stock for $33.0 million, $15.3
million, and $40.6 million, respectively. Creative Sound Systems also purchased treasury stock,
equipment, and a patent for $21.3 million, $25.3 million, and $12.3 million, respectively.
What amount should Creative Sound Systems report as net cash flows from financing activities?
(Cash outflows should be indicated with a minus sign. 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
Statement of Cash Flows (partial)
Cash flows from financing activities
Sale of investments
Sale of land
Purchase equipment
Purchase a patent
Net cash flows from financing activities
$
33.0
15.3
(25.3)
(12.3)
GA
$
10.7
Carter Containers sold marketable equity securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?
Chapter 11 Solutions
Financial Accounting
Ch. 11 - 1.Identify and briefly describe the three...Ch. 11 - Prob. 2RQCh. 11 - Explain what we mean by noncash activities and...Ch. 11 - Why is it necessary to use an income statement,...Ch. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Distinguish between the indirect method and the...Ch. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - 10.Explain how we report depreciation expense in...
Ch. 11 - Describe how we report a gain or loss on the sale...Ch. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - 20.Why do we exclude depreciation expense and the...Ch. 11 - Classify each of the following items as an...Ch. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.7BECh. 11 - Creative Sound Systems sold investments, land, and...Ch. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Electronic Superstores inventory increases during...Ch. 11 - Prob. 11.14BECh. 11 - Computer World reports income tax expense of...Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Determine proper classification (LO111) Analysis...Ch. 11 - Prob. 11.4ECh. 11 - Prob. 11.5ECh. 11 - Prob. 11.6ECh. 11 - Technology Solutions format for the statement of...Ch. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.14ECh. 11 - The income statement for Electronic Wonders...Ch. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Cyberdyne Systems and Virtucon are competitors...Ch. 11 - Prob. 11.6APCh. 11 - Prob. 11.7APCh. 11 - Prob. 11.8APCh. 11 - Prob. 11.1BPCh. 11 - Prob. 11.2BPCh. 11 - Prob. 11.3BPCh. 11 - Preparing statement of cash flowsindirect method...Ch. 11 - International Genetic Technologies (InGen) and The...Ch. 11 - Prob. 11.6BPCh. 11 - Prob. 11.7BPCh. 11 - Cash flows from operating activities for both the...Ch. 11 - Great Adventures (This is a continuation of the...Ch. 11 - Prob. 11.2APFACh. 11 - Prob. 11.3APFACh. 11 - American Eagle Outfitters, Inc. vs. The Buckle,...Ch. 11 - Prob. 11.5APECh. 11 - Prob. 11.6APIRCh. 11 - Written Communication Why cant we pay our...Ch. 11 - Prob. 11.8APEM
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Kutcher Systems sold land, investments, and issued their own common stock for $10 million, $16 million, and $21 million, respectively. Kutcher also purchased treasury stock, equipment, and a patent for $2 million, $3 million, and $4 million, respectively. Required: 1. What amount should the company report as net cash flows from investing activities? 2. What amount should the company report as net cash flows from financing activities? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by a minus sign. Enter your answer in millions.) Net cash flow from investing activities million Required 1 23 of 34 *** Telp Nextarrow_forwardCarter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?arrow_forwardCreative Sound Systems sold investments, land, and its own common stock for $36.0 million, $15.6 million, and $41.2 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $21.6 million, $25.6 million, and $12.6 million, respectively. What amount should the company report as net cash flows from investing 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 Statement of Cash Flows (partial) Cash flows from investing activities Net cash flows from investing activities 0.0arrow_forward
- 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 $ 17arrow_forwardCarter Containers sold marketable equity securities, land, and common stock for $25.0 million, $14.5 million, and $45.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $12.0 million, $23.5 million, and $13.6 million, respectively.Required: What amount should Carter report as net cash from investing activities?arrow_forwardVikrambhaiarrow_forward
- Carter Containers sold marketable equity securities, land, and common stock for $40.0 million, $13.5 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $10.0 million, $22.5 million, and $14.6 million, respectively.Required: What amount should Carter report as net cash from financing activities?arrow_forwardDogarrow_forwardAngel Corporation's accounting records and financial statements for 2021 is as follows (P in millions): Cash paid to acquire machinery = P32; Retired share capital = P51; Proceeds from sale of land = P95; Gain from the sale of land = P50; Investment revenue received = P72; Cash paid to acquire office equipment = P85. In its statement of cash flows, the company should report net cash flows from investing activities of: a.P22 million outflows b.P50 million outflows c.P100 million inflows d.P28 million inflowsarrow_forward
- Mobile Video Systems sold land, investments, and issued their own common stock for $10 million, $15 million, and $20 million, respectively. Mobile Video also purchased treasury stock, equipment, and a patent for $1 million, $2 million, and $4 million, respectively. a. What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from investing activities million b. What amount should the company report as net cash flows from financing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from financing activities millionarrow_forwardIf Marigold Imports Corporation realizes a gain of $96000 on a cash sale of a building having a book value of $708000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is $612000. $708000. $804000. $96000.arrow_forwardA company sold land, Investments, and Issued their own common stock for $10 million, $17 million, and $20 million, respectively. They also purchased treasury stock, equipment, and a patent for $2 million, $3 million, and $5 million, respectively. a. What amount should the company report as net cash flows from Investing activities? (Negatlve value should be Indicated by minus sign. Enter your answer In mllons.) Net cash flow from investing activities million b. What amount should the company report as net cash flows from financing activities? (Negative value should be Indicated by minus sign. Enter your answer In millons.) Net cash flow from financing activities millionarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License