Question 15 question15

Sunset Acres reported net income of $60 million. Included in that number were trademark amortization expense of $2 million and a gain on the sale of land of $1 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2 million, $5 million, and $4 million, respectively. What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Cash flows from operating activities: Net income $ 60 Adjustments for noncash effects: Amortization expense IN Gain on the sale of land (1) Changes in operating assets and liabilities: Decrease in accounts payable (5) Decrease in accounts receivable Decrease in inventory AN Net cash flows from operating activities $ 62