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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, 2018 ($ in
Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense $ 980 343 637 $170 106 Interest expense 46 Loss on sale of land 4 331 Income before taxes Income tax expense 306 153 $ 153 Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year Change $ 12 (20) (19) 2018 2017 Cash $150 $138 Accounts receivable 269 289 469 Inventory Accounts payable Salaries payable Interest payable Income taxes payable 488 223 210 13 111 124 (13) 11 69 58 60 48 12 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes Net cash flows from operating activities
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