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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, 2818 (s in
Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2818 (s in millions) Sales $760 Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense 228 532 $115 84 5 24 4 232 30e 158 150 Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2817 (s in millions) Year 2818 Change $ 1e (17) (18) 2817 Cash $126 $116 256 Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable 239 448 466 18e 166 14 88 (14) 13 102 36 49 26 36 10 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 millons (l.e., 10,000,000 should be entered as 10).) (S in millions) Cash Flows from Operating Activities: Net cash flows from operating activities
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