Sunset Acres reported net income of $68.5 million. Included in that number were trademark amortization expense of $1.6 million and a gain on the sale of land of $3.5 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.6 million, $3.6 million, and $2.6 million, respectively. Required: What were Sunset's cash flows from operating activities? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e.. 5,500,000 should be entered as 5.5). Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities H ($ in millions) $ 0.0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sunset Acres reported net income of $68.5 million. Included in that number were trademark amortization expense of $1.6 million
and a gain on the sale of land of $3.5 million. Records reveal decreases in accounts receivable, accounts payable, and inventory
of $2.6 million, $3.6 million, and $2.6 million, respectively.
Required:
What were Sunset's cash flows from operating activities?
Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e.,
5,500,000 should be entered as 5.5).
Cash flows from operating activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:
Net cash flows from operating activities
($ in millions)
$
0.0
Transcribed Image Text:Sunset Acres reported net income of $68.5 million. Included in that number were trademark amortization expense of $1.6 million and a gain on the sale of land of $3.5 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.6 million, $3.6 million, and $2.6 million, respectively. Required: What were Sunset's cash flows from operating activities? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities ($ in millions) $ 0.0
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