Answered step by step
Verified Expert Solution
Question
1 Approved Answer
$ 680 238 442 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale
$ 680 238 442 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income $ 95 76 5 16 4 196 246 123 $ 123 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $114 $108 $ 6 Accounts receivable 228 244 (16) Inventory 444 458 (14) Accounts payable 160 150 10 Salaries payable 84 94 (10) Interest payable 37 28 9 Income tax payable 27 18 9 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operating Activities: Cash paid for income taxes $ (114) (7) (105) Cash paid for interest Cash paid to employees Cash paid to suppliers Cash received from customers 696
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started