Question
Sunset Acres reported net income of $58.5 million. Included in that number were trademark amortization expense of $1.7 million and a gain on the sale
Sunset Acres reported net income of $58.5 million. Included in that number were trademark amortization expense of $1.7 million and a gain on the sale of land of $3.4 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.7 million, $3.7 million, and $2.7 million, respectively. Required: What were Sunsets 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).)
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