Question

12.

Portions of the financial statements for Myriad Products are provided below. $ 780 273 507 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income 133 $ 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 14 Income taxes payable 42 14 ega: 52 38 28 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).)

Answer 1

C in millions Cosh floues fom opeuadin Aivitie Cash Receiva from Ccaslomens poid -to 스uppbeus 790 Cash C132) emplaycas Cash paiol to paid fo nterest pau'd f ncome. Tace Cash Cash 250 to Supplies Cash 273 Cost C) ( neveane in -Accouds payable > 2ㅋ Cash paido Smpkyes Saly ponse bolane 120 iOH C-) . Srcling balamte 2) 32 1rderest Jderest pene c) ncrse in alered pane Cosh 26 Cu) ncome Tae! Cosh payme 133 Taxes Income Inceaein income Tax payable 1.