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Portions of the financial statements for Myriad Products are provided below. $ 980 343 637 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December
Portions of the financial statements for Myriad Products are provided below. $ 980 343 637 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $170 Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income 106 331 306 153 $ 153 2018 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year Change Cash $150 $138 $ 12 Accounts receivable 269 289 (20) Inventory 469 488 (19) Accounts payable 223 210 Salaries payable 111 124 (13) Interest payable Income taxes payable - 60 48 12 13 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
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