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Portions of the financial statements for Myriad Products are provided below. $ 720 252 468 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December
Portions of the financial statements for Myriad Products are provided below. $ 720 252 468 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $105 Depreciation expense 80 Amortization expense 5 Interest expense 20 Loss on sale of land 4 Income before taxes Income tax expense Net Income 214 254 127 $ 127 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $120 $112 $ 8 Accounts receivable 232 250 (18) Inventory 446 462 Accounts payable 170 158 12 Salaries payable 86 98 (12) Interest payable 43 32 11 Income tax payable 33 22 11 (16) 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).) ($ in millions) Cash Flows from Operating Activities: Net cash flows from operating activities $ 0
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