{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T11:06:21-04:00", "answer_date": "2024-05-26 11:06:21", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1736065", "url": "\/study-help\/questions\/portions-of-the-financial-statements-for-myriad-products-are-provided-1736065", "question_creation_date_js": "2024-05-26T11:06:21-04:00", "question_creation_date": "May 26, 2024 11:06 AM", "meta_title": "[Solved] Portions of the financial statements for | SolutionInn", "meta_description": "Answer of - Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement | SolutionInn", "meta_keywords": "portions,financial,statements,myriad,products,provided,below,company,income,statement,year,ended", "question_title_h1": " Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($", "question_title": " Portions of the financial statements for Myriad Products are provided below.", "question_title_for_js_snippet": "Portions of the financial statements for Myriad Products are provided below MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $ 900 Cost of goods sold Gross margin Salaries expense Depreciation expense 315 585 $150 98 Amortization expense 5 Interest expense 38 Loss on sale of land 4 295 Income before taxes 290 Income tax expense 145 $ 145 Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $138 $130 $ 8 Accounts receivable 261 277 (16) Inventory 465 480 (15) Accounts payable 203 194 9 Salaries payable 107 116 (9) Interest payable 57 50 7 Income tax payable 48 40 8 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) )", "question_description": "\"image\"image", "transcribed_text": "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 $ 900 Cost of goods sold Gross margin Salaries expense Depreciation expense 315 585 $150 98 Amortization expense 5 Interest expense 38 Loss on sale of land. 4 295 Income before taxes 290 Income tax expense 145 $ 145 Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $138 $130 $ 8 Accounts receivable 261 277 (16) Inventory 465 480 (15) Accounts payable 203 194 9 Salaries payable 107 116 (9) Interest payable 57 50 7 Income tax payable 48 40 8 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).)", "related_book": { "title": "Financial Accounting Tools for Business Decision Making", "isbn": "9781118560952, 1118560957, 978-0470239803", "edition": "5th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/112.jpg", "uri": "\/textbooks\/financial-accounting-tools-for-business-decision-making-5th-edition-112", "see_more_uri": "" }, "free_related_book": { "isbn": "3030091481", "uri": "\/textbooks\/innovative-design-manufacturing-and-testing-of-small-satellites-1st-edition-978-3030091484-108097", "name": "Innovative Design Manufacturing And Testing Of Small Satellites", "edition": "1st Edition" }, "question_posted": "2024-05-26 11:06:21", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/what-immediate-clinical-concerns-does-this-client-present-436075", "description": "What immediate clinical concerns does this client present to the counselor or therapist? 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