Exercise 21-24 (Algo) Cash flows from operating activities (indirect method) [LO21-4] Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 Sales ($ in millions) 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 $ 620 217 403 $85 72 5 12 177 226 113 $113 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Year 2021 2020 Change $108 $104 $ 4 224 238 (14) 442 454 (12) 150 142 B 82 90 (8) 22 31 24 7 21 14 7