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E 21-24 Cash flows from operating activities (indirect method) Portions of the financial statements for Myriad Products are provided below. Sales MYRIAD PRODUCTS COMPANY
E 21-24 Cash flows from operating activities (indirect method) Portions of the financial statements for Myriad Products are provided below. Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) 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 $ 660 250 410 $110 90 5 20 228 182 91 $ 91 Required: Prepare the cash flows from the Net Income operating activities section of the statement of cash flows for Myriad cash Products Company using the indirect method. MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Accounts receivable Inventory Year 2021 2020 Change $102 $100 $ 2 220 232 (12) 440 450 (10) 140 134 Salaries payable 80 86 Interest payable 25 20 Income tax payable 15 10 296965 (6) 5 Accounts payable 20055
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