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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 $ 700 Cost of goods sold 245 Gross margin 455 Salaries expense $1ee Depreciation expense 78 Amortization expense 5 Interest expense 18 Loss on sale of land 205 Income before taxes 250 Income tax expense 125 Net Income $ 125 4 FERMULA Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 (5 in millions) Year 2021 2020 Change Cash $117 $110 $ 7 Accounts receivable 230 247 (17) Inventory 445 460 (15) Accounts payable 165 154 11 Salaries payable 85 96 (11) Interest payable 40 30 10 Income tax payable 30 20 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 (ie., 10,000,000 should be entered os 10).) (5 in millions) 717 Cash Flows from Operating Activities Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for income taxes Cash paid for interest
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