Please do not give solution in image format thanku Portions of the financial statements for Myriad Products are provided below.MYRIAD PRODUCTS COMPANYIncome StatementFor the Year Ended December 31, 2021($ in millions)SalesCost of goods soldGross marginSalaries expenseDepreciation expenseAmortization expenseInterest expenseLoss on sale of land.Income before taxesIncome tax expenseNet IncomeCashAccounts receivableInventoryAccounts payableSalaries payableInterest payableIncome tax payable.$17510854842281127263MYRIAD PRODUCTS COMPANYSelected Accounts from Comparative Balance Sheets.December 31, 2021 and 2020($ in millions)Year20202021$153 $140271292470490214$1,0003506501266050340310155$ 155Change$ 13(21)(20)14(14)1213Required:Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the directmethod. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 shouldbe entered as 10).) Required:Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the directmethod. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 shouldbe entered as 10).)Cash Flows from Operating Activities:Net cash flows from operating activities($ in millions)

Cash flows from operating activities is one of the important section of cash flows statement. It…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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