Question: In preparation for developing its statement of cash flows for the year just ended, D-Rose Distributors collected the following information: ($ in millions) Purchase of

In preparation for developing its statement of cash flows for the year just ended, D-Rose Distributors collected the following information:

($ in millions)
Purchase of treasury bills (considered a cash equivalent) 7.0
Sale of preferred stock 151.0
Gain on sale of land 5.0
Proceeds from sale of land 26.0
Issuance of bonds payable for cash 141.0
Purchase of equipment for cash 31.0
Purchase of GE stock 36.0
Declaration of cash dividends 135.0
Payment of cash dividends declared in previous year 131.0
Purchase of treasury stock 121.0
Payment for the early extinguishment of
long-term notes (carrying (book) value: $100 million) 111.0

Required:
1.

In D-Roses statement of cash flows, what were net cash inflows (or outflows) from investing activities? (List any cash outflow with a minus sign. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

2.

In D-Roses statement of cash flows, what were net cash inflows (or outflows) from financing activities? (List any cash outflow with a minus sign. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!