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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, 2024
Portions of the financial statements for Myriad Products are provided below: Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ 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 $ 940 329 611 $ 160 102 5 42 4 313 298 149 $ 149 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year 2024 2023 Change Cash $ 144 $ 134 $ 10 Accounts receivable 265 283 (18) Inventory 467 484 (17) Accounts payable 213 202 11 Salaries payable 109 120 (11) Interest payable 63 54 9 Income tax payable 54 44 10 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. Note: Cash outflows 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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