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 ($ in millions)
Sales					$	920
Cost of goods sold						322
Gross margin						598
Salaries expense	$	155
Depreciation expense		100
Amortization expense		5
Interest expense		40
Loss on sale of land		4				304
Income before taxes						294
Income tax expense						147
Net Income					$	147

MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	Year
	2021			2020			Change
Cash	$	141		$	132		$	9
Accounts receivable		263			280			(17	)
Inventory		466			482			(16	)
Accounts payable		208			198			10
Salaries payable		108			118			(10	)
Interest payable		60			52			8
Income tax payable		51			42			9

Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities