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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 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 5 20 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) (6) 555

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 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 5 20 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) (6) 555

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 20 3 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) 6 (6) 5 5 4
Transcribed Image Text:Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 20 3 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) 6 (6) 5 5 4
Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 20 3 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) 6 (6) 5 5 4
Transcribed Image Text:Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable $110 90 Year 2021 $102 220 440 140 80 25 15 20 3 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2020 $100 $ 660 250 410 232 450 134 86 20 10 228 182 91 $91 Change $2 (12) (10) 6 (6) 5 5 4
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