Response to the following problem:
Harper Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $340 million. The income statement shows that net income is $315 million and depreciation expense is $46 million. During the year, the change in inventory on the balance sheet was $38 million, the change in accrued wages and taxes was $15 million, and the change in accounts payable was $20 million.
At the beginning of the year the balance of accounts receivable was $50 million. Calculate the end-of-year balance for accounts receivable.