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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 Cost of goods sold Gross margin Salaries expense $125 Depreciation expense 88 Amortization expense 5 Interest expense 28 Loss on sale of land 4 Income before taxes Income tax expense Net Income $ 800 280 520 250 270 135 $ 135 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Cash Change $123 Accounts receivable $120 $ 3 251 262 Inventory (11) 460 470 Accounts payable (10) 198 174 16 Salaries payable 106 Interest payable (11) 55 48 15 Income tax payable 45 30 15 95 Required: Income tax payable 45 30 15 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myria indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amon indicated with a minus sign.) (s in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities
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