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CHAPTER 21 (8.) Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For...

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Accounting

CHAPTER 21 (8.)

Portions of the financial statements for Myriad Products areprovided below.

MYRIAD PRODUCTS COMPANY
Income Statement
For the Year Ended December 31, 2018
($ in millions)
Sales$1,000
Cost of goods sold350
Gross margin650
Salaries expense$175
Depreciation expense108
Patent amortization expense5
Interest expense48
Loss on sale of land4340
Income before taxes310
Income tax expense155
Net Income$155
MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2018 and 2017
($ in millions)
Year
20182017Change
Cash$153$140$13
Accounts receivable271292(21)
Inventory470490(20)
Accounts payable22821414
Salaries payable112126(14)
Interest payable726012
Income taxes payable635013


Required:
Prepare the cash flows from operating activities section of thestatement of cash flows for Myriad Products Company using thedirect method.

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