Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

please explain to me the cash paid to suppliers with T account. i cannot get the right answers, i tried to use sale, cost of

image text in transcribed please explain to me the cash paid to suppliers with T account. i cannot get the right answers, i tried to use sale, cost of good sold and account payable. but i cannot get the 234

Exercise 21-23 (Static) Cash flows from operating activities (direct method) (LO21-3] Portions of the financial statements for Myriad Products are provided below. $ 660 250 410 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $110 Depreciation expense 90 Amortization expense Interest expense 20 Loss on sale of land Income before taxes Income tax expense Net Income 228 182 91 $ 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 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 (i.e., 10,000,000 should be entered as 10).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

9781292016924

Students also viewed these Accounting questions

Question

question is as

Answered: 1 week ago