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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 $175 108 5 48 4 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 112 72 63 $1,000 350 650 2021 2020 Change $153 $140 $13 271 292 470 228 490 214 340 310 155 $ 155 126 60 50 (21) (20) 14 (14) 12 13 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).)

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 $175 108 5 48 4 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 112 72 63 $1,000 350 650 2021 2020 Change $153 $140 $13 271 292 470 228 490 214 340 310 155 $ 155 126 60 50 (21) (20) 14 (14) 12 13 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).)

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. $175 108 5 48 4 228 112 72 63 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets. December 31, 2021 and 2020 ($ in millions) Year 2020 2021 $153 $140 271 292 470 490 214 $1,000 350 650 126 60 50 340 310 155 $ 155 Change $ 13 (21) (20) 14 (14) 12 13 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).)
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. $175 108 5 48 4 228 112 72 63 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets. December 31, 2021 and 2020 ($ in millions) Year 2020 2021 $153 $140 271 292 470 490 214 $1,000 350 650 126 60 50 340 310 155 $ 155 Change $ 13 (21) (20) 14 (14) 12 13 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).) Cash Flows from Operating Activities: Net cash flows from operating activities ($ in millions)
Transcribed Image Text: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).) Cash Flows from Operating Activities: Net cash flows from operating activities ($ in millions)
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