Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 21 - Bri

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Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 21 - Brief Exercises (60 minutes) Help Save & Exlt Submlt Saved 3 Check my work Sunset Acres reported net income of $66.0 million. Included in that number were trademark amortization expense of $2.5 million and a gain on the sale of land of $1.6 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.4 million, $2.4 million, and $3.4 million, respectively 8.37 points What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) eBook Cash fows from operating activities References Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Mc Graw Hill ?Prev 12 or 12? Next > 4.01 PM ???@) a e ? ^??41 4/29/2018

Explanation / Answer

STATEMENT OF CASH FLOW ($ in millions) ($ in millions) Net income $                66.00 Cash flows from operating activities Adjustments for Non Cash Activities: Trademark for amortization $                  2.50 Gain on sale of Land $                -1.60 $                  0.90 Effects/ changes in Assets & Liabilities Decrease in Account Receivable $                  1.40 Decrease in Account Payable $                -2.40 Decrease in Inventory $                  3.40 $                  2.40 Net cash from operating activities $                69.30

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