Selected information from Phillips Corporation’s accounting records and financial statements for 2006 is as follows (in millions): Cash paid to retire bonds $30
Selected information from Phillips Corporation’s accounting records and financial statements for 2006 is as
follows (in millions):
Cash paid to retire bonds $30
Treasury stock purchased for cash 50
Proceeds from issuance of common stock 70
Proceeds from issuance of mortgage bonds 90
Cash dividends paid on common stock 25
Cash interest paid to bondholders 35
On its statement of cash flows, Phillips should report net cash inflows from financing activities of:
(A) $20 million
(B) $55 million
(C) $70 million
(D) $105 million
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