Question 12 question 12

Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 Sales ($ in millions) Cost of goods sold $ 760 Gross margin 228 Salaries expense 532 Depreciation expense $115 Patent amortization expense 84 Interest expense 5 24 Loss on sale of land 4 Income before taxes 232 300 Income tax expense 150 Net Income $ 150 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets COS December 31, 2018 and 2017 ($ in millions) Year 2018 2017 Change Cash $126 $116 $ 10 Accounts receivable 239 256 Inventory (17 448 466 (18) Accounts payable 180 166 14 Salaries payable 88 102 Interest payable 49 36 13 Income taxes payable 36 26 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 (1.e., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operatina Activities