Exercise 21-24 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, 2016 ($ in millions)
Sales				$	940
Cost of goods sold					(329	)
Gross margin					611
Salaries expense	$	160
Depreciation expense		102
Patent amortization expense		5
Interest expense		42
Loss on sale of land		4			(313	)
Income before taxes					298
Income tax expense					(149	)
Net Income				$	149

MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2016 and 2015 ($ in millions)
	Year
	2016			2015			Change
Cash	$	144		$	134		$	10
Accounts receivable		265			283			(18	)
Inventory		467			484			(17	)
Accounts payable		213			202			11
Salaries payable		109			120			(11	)
Interest payable		63			54			9
Income taxes payable		54			44			10

Required:

Prepare the cash flows from 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.)