Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income...
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Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $105 Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income 20 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $129 $112 Accounts receivable 232 250 Inventory 446 (16) Accounts payable 178 158 Salaries payable 98 (12) Interest payable 43 Income tax payable 22 11 (18) 462 86 32 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operating Activities: Net cash flows from operating activities
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