Question

Portions of the financial statements for Myriad Products are provided below. $ 600 210 390 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales 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 168 222 111 $ 111

Answer 1

$ in millions) 610 Cash flow from operating activities Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes (192) (87) $ (105) Net cash flow from operating activties $ 222

Working shown below-

Suppliers Cost of goods sold Add: Ending inventory less: beginning inventory goods purchased Accounts payable beg balance Less: Accounts payable end balance Cash paid to suppliers 441 452 199 138 145 192 Employees Salaries payable beg balance Add: salaries expense less: salaries payable end balance Interest expense Interest payable beg balance Add: Interest expense less: Interest payable end balance Income tax Income tax payable beg balance Add: Income tax expense less: Income tax payable end balance

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