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m_a_m_a [10]
3 years ago
15

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

ar Ended December 31, 2021 ($ in millions) Sales $620 Cost of goods sold 217 Gross margin 403 Salaries expense$85 Depreciation expense 72 Amortization expense 5 Interest expense 12 Loss on sale of land 3 177 Income before taxes 226 Income tax expense 113 Net Income $113 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 20212020Change Cash$108 $104 $4 Accounts receivable 224 238 (14) Inventory 442 454 (12) Accounts payable 150 142 8 Salaries payable 82 90 (8) Interest payable 31 24 7 Income tax payable 21 14 7 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method
Business
1 answer:
Tamiku [17]3 years ago
6 0

Answer:

$233 million

Explanation:

                      Statement of cash flow

              Cash flow from operating activity

Particulars                                                 Amount ($ in millions)

Net income                                                 113

<em>Adjustment in net income</em>

Depreciation                                   72  

Amortization                                    5

Loss on sale of land                        3

Decrease account receivable       14  

Decrease inventory                       12

Increase account payable             8

Decrease salary payable              (8)

Increase interest payable              7

Increase income tax payable        7           <u>120</u>

Net cash flow from operating activity     <u>233</u>

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