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Portions of the financial statements for Myriad Products are provided below. Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($
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 Net Income $660 250 410 $110 90 5 20 3 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ 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).)
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