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Question: Johnson Mills reported the following information in its 2015 financial statements ($ in millions):
2015 2014
Balance Sheets:
Accounts receivable, net $ 2,949.4 $ 2,076.6
2015 Income statement:
Sales revenue $ 19,281.6
A note disclosed that the allowance for uncollectible accounts had a balance of $42.4 million and $39.7 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $30.0 million.
Required: Determine the amount of cash collected from customers during 2015. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)).
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