Portions of the financial statements for Myriad Products are provided below
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 $640 Cost of goods sold 224 Gross margin 416 Salaries expense$90 Depreciation expense 74 Amortization expense 5 Interest expense 14 Loss on sale of land 3 186 Income before taxes 230 Income tax expense 115 Net Income $115
MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2021 and 2020
($ in millions) Year 20212020ChangeCash$111 $106 $5 Accounts receivable 226 241 (15)Inventory 443 456 (13)Accounts payable 155 146 9 Salaries payable 83 92 (9)Interest payable 34 26 8 Income tax payable 24 16 8
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).)
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