Question
Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balance Sheets: 2015 2014 Accounts receivable, net $2,749.0 $1,976.2
Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014
Balance Sheets: 2015 2014
Accounts receivable, net $2,749.0 $1,976.2
Income statement:
Sales revenue $19,080.6
A note disclosed that the allowance for uncollectible accounts had a balance of $39.4 million and $37.3 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $27.6 million. Required: Determine the amount of cash collected from customers during 2015. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).
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