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Sanders Awnings reported net income of $88.0 million. Included in that number were depreciation expense of $2.7 million and a loss on the sale of
Sanders Awnings reported net income of $88.0 million. Included in that number were depreciation expense of $2.7 million and a loss on the sale of equipment of $1.4 million. Records reveal increases in accounts receivable, accounts payable, and inventory of $1.6 million, $2.6 million, and $3.6 million, respectively. Required: What were Sanders' cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) $ 88.0 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Loss on sale of equipment 2.7 1.4 Changes in operating assets and liabilities: Increase in accounts payable Increase in accounts receivable Increase in inventory Net cash flows from operating activities $ 92.1
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