Sunset Acres reported net income of $58.0 million. Included in that number were trademark amortization expense of $2.7 million and gain on the sale of land of $1.4 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.6 million, $2.6 million, and $3.6 million, respectively. Required: What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:

Sunset Acres reported net income of $58.0 million. Included in that number were trademark amortization expense of $2.7 million and gain on the sale of land of $1.4 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.6 million, $2.6 million, and $3.6 million, respectively. Required: What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:

Name: Sunset Acres reported net income of $58.0 million. Included in that n
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Description: Sunset Acres reported net income of $58.0 million. Included in that number were trademark amortization expense of $2.7 million andgain on the sale of land of $1.4 million. Records reveal decreases in accounts receivable, accounts payable, and invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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