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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 ($
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).)
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