Exercise 21-24 (Static) Cash flows from operating activities (indirect method) [LO21-4]

Portions of the financial statements for Myriad Products are provided below.

MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions)
Sales					$	660
Cost of goods sold						250
Gross margin						410
Salaries expense	$	110
Depreciation expense		90
Amortization expense		5
Interest expense		20
Loss on sale of land		3				228
Income before taxes						182
Income tax expense						91
Net Income					$	91

MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	Year
	2021			2020			Change
Cash	$	102		$	100		$	2
Accounts receivable		220			232			(12	)
Inventory		440			450			(10	)
Accounts payable		140			134			6
Salaries payable		80			86			(6	)
Interest payable		25			20			5
Income tax payable		15			10			5

Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products 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.)

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Question 22 of 22 Total22 of 22

Answer is not complete.

	($ in millions)
Cash Flows from Operating Activities:
Net incomeselected answer correct	not attempted
Adjustments for noncash effects:
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
Changes in operating assets and liabilities:
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
Net cash flows from operating activities	$