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 780 Cost of goods sold 273 Gross margin 507 Salaries expense 120 Depreciation expense 86 Amortization expense 5 Interest expense 26 Loss on sale of land 4 241 Income before taxes 266 Income tax expense 133 Net Income 133
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 780 Cost of goods sold 273 Gross margin 507 Salaries expense 120 Depreciation expense 86 Amortization expense 5 Interest expense 26 Loss on sale of land 4 241 Income before taxes 266 Income tax expense 133 Net Income 133
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 3BE
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Question
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 | 780 | |
Cost of goods sold | 273 | |
Gross margin | 507 | |
Salaries expense | 120 | |
86 | ||
Amortization expense | 5 | |
Interest expense | 26 | |
Loss on sale of land | 4 | 241 |
Income before taxes | 266 | |
Income tax expense | 133 | |
Net Income | 133 | |
MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) |
||||
Year | ||||
2021 | 2020 | Change | ||
Cash | $ | 120 | 118 | 2 |
249 | 259 | (10) | ||
Inventory | 449 | 468 | (19) | |
Accounts payable | 185 | 170 | 15 | |
Salaries payable | 92 | 104 | (12) | |
Interest payable | 52 | 38 | 14 | |
Income tax payable | 42 | 28 | 14 | |
Required:
Prepare the
![Cash Flows from Operating Activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:
Net cash flows from operating activities
($ in millions)
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdab4ebad-d4cb-4eeb-b666-5c1fb1990280%2F33cbe7e5-d9d8-4e02-9bcf-d15fdec0ada1%2F54ev8xb_processed.png&w=3840&q=75)
Transcribed Image Text:Cash Flows from Operating Activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:
Net cash flows from operating activities
($ in millions)
$
0
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