Question
Miller Company reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance Sheet: Accounts receivable, net $ 3,049.6 $ 2,126.8
Miller Company reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance Sheet: Accounts receivable, net $ 3,049.6 $ 2,126.8 Income statement: Sales revenue $ 19,382.1 A note disclosed that the allowance for uncollectible accounts had a balance of $43.9 million and $40.9 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $31.2 million.
2017 | 2016 | |||||
Balance Sheet: | ||||||
Accounts receivable, net | $ | 3,049.6 | $ | 2,126.8 | ||
Income statement: | ||||||
Sales revenue | $ | 19,382.1 |
Required:
Determine the amount of cash collected from customers during 2017. (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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