Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suppose the 2022 income statement for mcdonald's c

Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,889.4 I...

70.2K

Verified Solution

Question

Accounting

Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,889.4 I (including depreciation expense of $1,266.0 million) $10,671.7 million. The comparative balance sheets for the year show that inventory decreased $7.5 million, prepaid expenses increased $46.2 million, accounts payable (inventory suppliers) increased $19.1 million, and accrued expenses payable increased $195.8 million.
Using the direct method, compute (a) cash payments to suppliers and (b) cash payments for operating expenses. (Enter answers in millions to 1 decimal place, e.g.527.5.)
Cash payments to suppliers
$
million
Cash payments for operating expenses
$ million
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students