70.2K

Verified Solution

Link Copied!

Portions of the financial statements for Myriad Products are provided below MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 (S in millions) Sales Cost of goods sold $800 280 520 Gross margin Salaries expense Depreciation expense Patent amortization expenses Interest expense Loss on sale of land Income before taxes $125 28 270 Income tax expense Net Income $135 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 (s in millions) Year Cash Accounts receivable Inventory Accounts payable 2018 2017 Change $123 $12 3 251 262 (11) 460 470 (10) 190 174 16 Salaries payable Interest payable Income taxes payable 45 35 95 186 (11) 55 40 15 for Myriad Products Company using the direct Prepare the cash flows from operating activities section of the statement of cash flows method (Amounts to be deducted should be indiceted with a minus sign. Enter your answers in millions (i.e., 10,000, be entered as 10).) 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 (ie, 10 000,000 should be entered as 10).) Cash Flows from Operating Activities Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes Net cash flows from operating activities

Answer & Explanation Solved by verified expert

See Answer