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Portions of the financial statements for Myriad Products are provided below. Required: Prepare the cash flows from operating activities section of the statement of cash
Portions of the financial statements for Myriad Products are provided below.
Required: Prepare the cash flows from 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.)
224 For the Year Ended December 31, 2018 ($ in millions) Sales $640 Cost of goods sold Gross margin 416 Salaries expense $90 Depreciation expense Patent amortization expense Interest expense Loss on sale of land 186 Income before taxes 230 Income tax expense 115 Net Income $115 74 w MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 2017 Change Cash $111 $106 $ 5 Accounts receivable 226241 (15) Inventory 443456 (13) Accounts payable 155 146 9 Salaries payable 92 Interest payable Income taxes payable 24 000 34 Prepare the cash flows from operating activities section of method. (Enter your answers in millions (i.e.. 10,000,000 with a minus sign.) ($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activitiesStep by Step Solution
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