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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 (6
Portions of the financial statements for Myriad Products are provided below. Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 (6 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 $660 250 410 $110 90 5 20 228 182 91 $ 91 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 (in millions) Year 2021 2020 Change Cash $102 $100 $ 2 Accounts receivable 220 232 (12) Inventory 440. 450 (10) Accounts payable. 140 134 6 Salaries payable 00 86 (6) Interest payable 25 20 5 Income tax payable 15 10 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).) ($ in millions) Cash Flows from Operating Activities: Net cash flows from operating activities
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