Preparing the Investing and Financing Sections of the Statement of Cash Flows
Starwood Hotels&Resorts Worldwide, Inc., is one of the world’s largest hotel and leisure companies. It conducts business both directly and through its subsidiaries, including the following hotel brands: Sheraton. Four Points. W. Aloft. The Luxury Collection, Le Meridien. Element. Westin, and St. Regis.* Information adapted from the company’s recent annual statement of cash flows indicates the following investing and financing activities during that year (simplified, in millions of dollars):
Additional borrowing from banks | $986 |
Purchase of investments | 37 |
Sale of assets and investments (assume sold at cost) | 359 |
Issuance of stock | 120 |
Purchase and renovation of properties | 476 |
Payment of debt principal | 574 |
Receipt of principal payment on a note receivable | 172 |
Required:
Prepare the investing and financing sections of the statement of cash flows for Starwood Hotels. Assume that year-end is December 31, 2012.
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