Question
Miller Company reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance Sheet: Accounts receivable, net $ 1,646.8 $ 1,424.0
Miller Company reported the following information in its 2017 financial statements ($ in millions):
2017 | 2016 | |||||
Balance Sheet: | ||||||
Accounts receivable, net | $ | 1,646.8 | $ | 1,424.0 | ||
Income statement: | ||||||
Sales revenue | $ | 17,975.1 | ||||
A note disclosed that the allowance for uncollectible accounts had a balance of $22.9 million and $24.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $14.4 million. 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).)
Please show your work for the cash collections
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