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Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in
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 $ 980 Cost of goods sold 343 Gross margin 637 Salaries expense $170 Depreciation expense 106 Amortization expense 5 Interest expense 46 Loss on sale of land 4 331 Income before taxes 306 Income tax expense 153 Net Income $ 153 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $150 $138 $ 12 Accounts receivable 269 289 (20) Inventory 469 488 (19) Accounts payable 223 210 13 Salaries payable 111 124 (13) Interest payable 69 58 11 Income tax payable 60 48 12 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: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes 1,000 311 183 35 141 Net cash flows from operating activities IS 1,670 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted
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