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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, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent 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 taxes payable. MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 $170 106 5 46 $150 269 469 223 111 69 60 2017 $138 289 488 $980 343 637 210 124 58 48 331 306 153 $153 Change $ 12 (20) (19) 13 ($ in millions) (13) 11 12 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, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent 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 taxes payable. MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 $170 106 5 46 $150 269 469 223 111 69 60 2017 $138 289 488 $980 343 637 210 124 58 48 331 306 153 $153 Change $ 12 (20) (19) 13 ($ in millions) (13) 11 12 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
Problem 1Q
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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, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income MYRIAD PRODUCTS COMPANY Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 $150 269 469 Net cash flows from operating activities $170 106 223 111 69 60 5 46 4 $ $980 343 637 2017 $138 289 488 210 124 58 48 331 306 153 $ 153 Change $ 12 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).) ($ in millions) (20) (19) 13 (13) 11 12 0
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, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income MYRIAD PRODUCTS COMPANY Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 $150 269 469 Net cash flows from operating activities $170 106 223 111 69 60 5 46 4 $ $980 343 637 2017 $138 289 488 210 124 58 48 331 306 153 $ 153 Change $ 12 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).) ($ in millions) (20) (19) 13 (13) 11 12 0
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