Question

Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement...

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 $ 780
Cost of goods sold 273
Gross margin 507
Salaries expense $ 120
Depreciation expense 86
Patent amortization expense 5
Interest expense 26
Loss on sale of land 4 241
Income before taxes 266
Income tax expense 133
Net Income $ 133
MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2018 and 2017
($ in millions)
Year
2018 2017 Change
Cash $ 120 $ 118 $ 2
Accounts receivable 249 259 (10 )
Inventory 449 468 (19 )
Accounts payable 185 170 15
Salaries payable 92 104 (12 )
Interest payable 52 38 14
Income taxes payable 42 28 14


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

Homework Answers

Answer #1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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