Attempt in Progress Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,832.6 million and operating expenses (including depreciation expense of $1,224.0 million) $10,649.8 million. The comparative balance sheets for the year show that inventory decreased $5.3 million, prepaid expenses increased $42.6 million, accounts payable (inventory suppliers) increased $15.9 million, and accrued expenses payable increased $199.7 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 Cash payments for operating expenses $ $ million million

Attempt in Progress Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,832.6 million and operating expenses (including depreciation expense of $1,224.0 million) $10,649.8 million. The comparative balance sheets for the year show that inventory decreased $5.3 million, prepaid expenses increased $42.6 million, accounts payable (inventory suppliers) increased $15.9 million, and accrued expenses payable increased $199.7 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 Cash payments for operating expenses $ $ million million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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