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show work please $ 680 238 442 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of
show work please
$ 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 Net Income 196 246 123 $123 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $114 $108 Accounts receivable 228 244 Inventory 444 458 (14) Accounts payable 160 150 10 Salaries payable 84 94 (10) Interest payable 37 28 9 Income tax payable 27 18 9 (16) Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. ($ in millions) Cash Flows from Operating Activities: Cash paid for income taxes 114 X Cash paid for interest 81 Cash paid to employees 272 X Cash paid to suppliers 214 X Cash received from customers 696 SStep by Step Solution
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