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Portions of the financial statements for Myriad Products are provided below. $ 820 287 533 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December
Portions of the financial statements for Myriad Products are provided below. $ 820 287 533 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $130 Depreciation expense 90 Amortization expense 5 Interest expense 30 Loss on sale of land 4 Income before taxes Income tax expense Net Income 259 274 137 $ 137 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $126 $122 $ 4 Accounts receivable 253 265 (12) Inventory 461 472 (11) Accounts payable 183 178 5 Salaries payable 103 108 (5) Interest payable 45 42 3 Income tax payable 48 32 16 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
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