Question
Harper Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $342 million. The income statement shows that net income
Harper Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $342 million. The income statement shows that net income is $316 million and depreciation expense is $48 million. During the year, the change in inventory on the balance sheet was $40 million, the change in accrued wages and taxes was $17 million, and the change in accounts payable was $22 million. At the beginning of the year the balance of accounts receivable was $39 million. Calculate the end-of-year balance for accounts receivable. (Enter your answer in millions.)
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