Portions of the financial statements for Myriad Products are provided below MYRI

Question

Portions of the financial statements for Myriad Products are provided below MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2016 (S in millions) Sales Cost of goods sold S 820 (287) 533 Gross margin Salaries expense Depreciation expense Patent amortization expense Interest expense Loss on sale of land $130 90 30 4 (259) 274 (137) S 137 Income before taxes Income tax expense Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2016 and 2015 (S in millions) Year 2016 2015 Change Cash Accounts receivable 253 Inventory Accounts payable Salaries payable Interest payable Income taxes payable $126 $122 $ 4 12) 61 472 (11) 265 183 178 yable45 108 32 48 16 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

Explanation / Answer

Cash flows from operating activities Cash received from customers ($820+$12) $   832 Cash paid to suppliers ($287-$11-$5) $ (271) Cash paid to employees ($130+$5) $ (135) Cash paid for interest ($30-3) $   (27) Cash paid for income taxes ($137-$16) $ (121) Net cash flows from operating activities $   278

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