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  1. business
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  3. portions of the financial statements for myriad pr

Portions of the financial statements for Myriad Products are provided below. $ 960 336 624...

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Accounting

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Portions of the financial statements for Myriad Products are provided below. $ 960 336 624 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $165 Depreciation expense 104 Amortization expense 5 Interest expense 44 Loss on sale of land 4 Income before taxes Income tax expense Net Income 322 302 151 $ 151 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $147 $136 $ 11 Accounts receivable 267 286 (19) Inventory 468 486 (18) Accounts payable 218 206 12 Salaries payable 110 122 (12) Interest payable 66 56 10 Income tax payable 57 46 11 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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