Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement...
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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, 2021 ($ in millions) Sales $ 880 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land 308 572 $145 96 36 286 Income before taxes 286 Income tax expense 143 Net Income $ 143 n65 64 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year Change $ 7 (15) (14) 2021 2020 Cash $135 $128 Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 259 274 464 478 198 190 8. 106 114 (8) 54 48 6. 45 38 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operating Activities: Net cash flows from operating activities 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 $ 880 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land 308 572 $145 96 36 286 Income before taxes 286 Income tax expense 143 Net Income $ 143 n65 64 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year Change $ 7 (15) (14) 2021 2020 Cash $135 $128 Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 259 274 464 478 198 190 8. 106 114 (8) 54 48 6. 45 38 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Cash Flows from Operating Activities: Net cash flows from operating activities
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Cash flow from operating activities Profit before interest tax 250 Adjustments for non ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
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