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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 $1,000 Cost of goods sold 350 Gross margin 650 Salaries expense $175 Depreciation expense 108 Amortization expense Interest expense Loss on sale of land 340 Income before taxes 310 Income tax expense 155 Net Income $ 155 CO MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 $153 470 Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 2020 $140 292 490 214 126 Change $ 13 (21) (20) 14 (14) 12 13 W NNO 60 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).) 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
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