Magnetics Co. generated net sales of $165.0 million and gross profit of $80.0 million during the year with interest payments and tax payments made of $1.7 million and $2.4 million, respectively. Changes in operating assets/liabilities at year-end included a decrease in inventory of $10.0 million, a decrease in accounts receivables of $15.0 million, and an increase in accounts payables of $7.0 million. Assuming that the company received (paid) cash dividends of $0.8 million ($2.0 million) and sold $3.2 million in long-term available-for-sale securities prior to year-end, what is the company's operating cash flow for the year if the direct method is used

Answer rating: 100% (QA)

Net sales 1650 million Gross profit 800 million Interest payments 17 million Tax payments 24 million ... View the full answer