MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $ 980 Cost of goods sold 343 Gross margin 637 Salaries expense $ 170 Depreciation expense 106 Amortization expense 5 Interest expense 46 Loss on sale of land 4 331 Income before taxes 306 Income tax expense 153 Net Income $ 153 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $ 150 $ 138 $ 12 Accounts receivable 269 289 (20 ) Inventory 469 488 (19 ) Accounts payable 223 210 13 Salaries payable 111 124 (13 ) Interest payable 69 58 11 Income tax payable 60 48 12 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions)
Sales			$	980
Cost of goods sold				343
Gross margin				637
Salaries expense	$	170
Depreciation expense		106
Amortization expense		5
Interest expense		46
Loss on sale of land		4		331
Income before taxes				306
Income tax expense				153
Net Income			$	153

MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	Year
	2021	2020	Change
Cash	$	150		$	138	$	12
Accounts receivable		269			289		(20	)
Inventory		469			488		(19	)
Accounts payable		223			210		13
Salaries payable		111			124		(13	)
Interest payable		69			58		11
Income tax payable		60			48		12

Required:
Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

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