Exercise 21-23 (Algo) Cash flows from operating activities (direct method) [LO21-3] Portions of the financial statements...

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Exercise 21-23 (Algo) Cash flows from operating activities (direct method) [LO21-3] Portions of the financial statements for Myriad Products are provided below: Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Cost of goods sold Gross margin Salaries expense Depreciation expense $ 940 329 611 $ 160 102 Amortization expense 5 Interest expense 42 Loss on sale of land 4 313 Income before taxes 298 Income tax expense 149 Net Income $ 149 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year 2024 2023 Change Cash $ 144 $ 134 $ 10 Accounts receivable 265 283 (18) Inventory 467 484 (17) Accounts payable 213 202 11 Salaries payable 109 120 (11) Interest payable 63 54 9 Income tax payable 54 44 10 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. Exercise 21-23 (Algo) Cash flows from operating activities (direct method) [LO21-3] Portions of the financial statements for Myriad Products are provided below: Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Cost of goods sold Gross margin Salaries expense Depreciation expense $ 940 329 611 $ 160 102 Amortization expense 5 Interest expense 42 Loss on sale of land 4 313 Income before taxes 298 Income tax expense 149 Net Income $ 149 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year 2024 2023 Change Cash $ 144 $ 134 $ 10 Accounts receivable 265 283 (18) Inventory 467 484 (17) Accounts payable 213 202 11 Salaries payable 109 120 (11) Interest payable 63 54 9 Income tax payable 54 44 10 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method.