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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 ($ in
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 $ 680 Cost of goods sold 238 Gross margin 442 Salaries expense $ 95 Depreciation expense 76 Amortization expense 5 Interest expense Loss on sale of land 196 Income before taxes 246 Income tax expense 123 Net Income $123 16 4 3492121 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $114 $108 $ 6 Accounts receivable 228 244 (16) Inventory 444 458 (14) Accounts payable 160 150 Salaries payable 84 94 (10) Interest payable 37 28 9 Income tax pavable 27 18 9 10 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.) ($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0
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