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5 Connect X Course Hero X + X -> G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/KE. Chapter 21 Homework i Saved Help Save & Exit Submit Check my work 3 Problem 21-9 (Algo) Cash flows from operating activities (direct method and indirect method)-cash equivalent [LO21-3, 21-4] [The following information applies to the questions displayed below.] Part 1 of 2 Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY 25 Income Statement points For the Year Ended December 31, 2021 ($ in millions) Sales $ 960 Cost of goods sold 380 eBook Gross margin 580 Print Operating expenses: Salaries $ 238 References Depreciation 196 Loss on sale of land 12 Total operating expenses 146 Operating income 134 Other income (expense ) : Gain on sale of cash equivalents Interest expense (46) Income before tax 92 Income tax expense 46 Net income $ 46 HALIVEVE PAMMANY Mc Graw Hill Education 9 M 0 4:22Cash Accounts receivable 461 Inventory an Accounts payable 216 Salaries payable 1236 Interest payable 6? Income tax payable 96 433 (32) 856 16 246 (36) 266 (14) 56 11 116 (26) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the direct method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Net cash flows from operating activitiesPortions of the nancial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 282]. (5 in millions) Sales $ 968 Cost of goods sold 388 Gross margin 588 Operating expenses: Salaries $ 238 Depreciation 196 Loss on sale of land 12 Total operating expenses 446 Operating income 134 Other income (expense): Gain on sale of cash equivalents 4 Interest expense (46) Income before tax 92 Income tax expense 46 Net income 55 46 Cash Accounts receivable 4431 Inventory an Accounts payable 216 Salaries payable 186 Interest payable 6? Income tax payable 96 433 856 246 206 56 116 (32) 16 (36) (14) 11 (20) Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities