Question
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 $ 600 210 390 168 222 111 $ 111 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $105 $102 $ 3 Accounts receivable 222 235 (13) Inventory 441 452 (11) Accounts payable 145 138 7 Salaries payable 81 88 (7) Interest payable 28 22 6 Income tax payable 18 12 6 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Adjustments for noncash effects: ($ in millions)
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