Answer Happy

Portions of the financial statements for Myriad Products are provided below. $ 700 245 455 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $100 Depreciation expense 78 Amortization expense 5 Interest expense 18 Loss on sale of land 4 Income before taxes Income tax expense Net Income 205 250 125 $ 125 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $117 $110 $ 7 Accounts receivable 230 247 (17) Inventory 445 460 (15) Accounts payable 165 154 11 Salaries payable 85 96 (11) Interest payable 40 30 10 Income tax payable 30 20 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 (i.e., 10,000,000 should 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 (i.e., 10,000,000 should be entered as 10).) ($ in millions) 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 0