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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 $900 315 585 $150 98 5 38 4 295 290 145 $145 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ 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 Income tax payable 481 40 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.)
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