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Portions of the financial statements for Myriad Products are provided below. $ 680 238 442 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December
Portions of the financial statements for Myriad Products are provided below. $ 680 238 442 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $ 95 Depreciation expense 76 Amortization expense 5 Interest expense 16 Loss on sale of land 4 Income before taxes Income tax expense *** 196 246 123 Net Income $ 123 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 10 Salaries payable 84 94 (10) Interest payable 37 28 9 Income tax payable 27 18 9 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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