Business, 06.05.2020 05:41 lisamccray45

Ortions of the financial statements for Myriad Products are provided below.

MYRIAD PRODUCTS COMPANY
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Sales $ 760
Cost of goods sold 228
Gross margin 532
Salaries expense $ 115
Depreciation expense 84
Amortization expense 5
Interest expense 24
Loss on sale of land 4 232
Income before taxes 300
Income tax expense 150
Net Income $ 150

MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2021 and 2020
($ in millions)
Year
2021 2020 Change
Cash $ 126 $ 116 $ 10
Accounts receivable 239 256 (17)
Inventory 448 466 (18)
Accounts payable 180 166 14
Salaries payable 88 102 (14)
Interest payable 49 36 13
Income tax payable 36 26 10

Required:
Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 10:00

Your uncle is considering investing in a new company that will produce high quality stereo speakers. the sales price would be set at 1.5 times the variable cost per unit; the variable cost per unit is estimated to be $75.00; and fixed costs are estimated at $1,200,000. what sales volume would be required to break even, i.e., to have ebit = zero?

Answers: 1

Answer

Business, 22.06.2019 11:30

4. chef a says that broth should be brought to a boil. chef b says that broth should be kept at an even, gentle simmer. which chef is correct? a. neither chef is correct. b. chef a is correct. c. both chefs are correct. d. chef b is correct. student c incorrect which is right answer

Answers: 2

Answer

Business, 22.06.2019 15:20

Sauer food company has decided to buy a new computer system with an expected life of three years. the cost is $440,000. the company can borrow $440,000 for three years at 14 percent annual interest or for one year at 12 percent annual interest. assume interest is paid in full at the end of each year. a. how much would sauer food company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the same 12 percent rate? compare this to the 14 percent three-year loan.

Answers: 3

Answer

Business, 22.06.2019 23:30

The upper-level managers of synergy technology are meeting for the week to look at the long-term company goals and overall direction of the organization. the ceo has expressed her concern over the economy and has told her managers to look closely at the environment outside the organization before making decisions and to be future oriented. in this meeting, top managers of synergy are

Answers: 2

Answer

You know the right answer?

Ortions of the financial statements for Myriad Products are provided below.

MYRIAD PRODU...

Questions