Steber Packaging Inc. expects sales next year of $42 million. Of this total, 30 percent is expected to be for cash and the balance will be on credit, payable in 30 days. Operating expenses are expected to total $27 million. Accelerated depreciation is expected to total $8 million, although the company will only report $4 million of depreciation on its public financial reports. The marginal tax rate for Steber is 34 percent. Current assets now total $28 million and current liabilities total $15 million. Current assets are expected to increase to $33 million over the coming year. Current liabilities are expected to increase to $17 million. Compute the projected after-tax operating cash flow for Steber during the coming year. Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to two decimal places.
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