Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the indirect method.

Exercise 21-24 Cash flows from operating activities (indirect method) (LO21-4) Portions of the financial statements for Myriad Products are provided below. points $ 840 546 Print MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $135 Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income References 139 $ 139 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 2017 Change Cash $129 9124 S5 Accounts receivable 268 (13) Inventory (12) Accounts payable Salaries payable Interest payable 48 Income taxes payable 255 474 104 110 (6) Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the indirect method (Enter your answers in millions (ie., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) $124 255 260 474 Q Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable 188 104 182 110 (12) 6 (6) 25 points Required: Prepare the cash flows from 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.) Print (5 in millions) References Cash Flows from Operating Activities Net income Adjustments for noncash effects: Depreciation expense Patent amortization expense Loss on sale of land Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in inventory Increase in accounts payable Decrease in salaries payable Increase in interest payable Increase in income tax payable 1 Net cash flows from operating activities S