Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($in millions) Sales $940 329 Cost of goods sold Gross margin Salaries expense 611 $160 Depreciation expense Patent amortization expense 102 42 Interest expense 313 Loss on sale of land Income before taxes 298 149 Income tax expense $149 Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018, and 2017 ($in millions) Year 2018 2017 Change 10 (18) Cash $144 $134 Accounts receivable 265 283 467 484 Inventory Accounts payable Salaries payable Interest payable Income taxes payable (17) 213 202 11 109 120 (11) 63 54 54 44 10 (S in millions) Cash Flows from Operating Activities:
Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for income taxes Net cash flows from operating activities 0 Portions of the financial statements for Myriad Products are provided below.
MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 (S in millions) Sales $780 273 Cost of goods sold Gross margin Salaries expense Depreciation expense Patent amortization expense 507 $120 86 26 Interest expense 241 Loss on sale of land 4 Income before taxes 266 133 Income tax expense $133
Net Income MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018, and 2017 ($in millions) Year 2018 2017 Change 2 (10) (19) $120 $118
Cash Accounts receivable 249 259 449 468 Inventory Accounts payable Salaries payable Interest payable Income taxes payable 185 170 15 92 104 (12) 52 38 14 42 28 14 (S in millions)
Cash Flows from Operating Activities: Net income Adjustments for noncash effects: Depreciation expense Patent amortization expense Loss on sale of land Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in inventory Increase in accounts payable Decrease in salaries payable Increase in interest payable Increase in income tax payable Net cash flows from operating activities.
