Exercise 17-11 Suppose a recent income statement for McDonald’s Corporation sh

Exercise 17-11 Suppose a recent income statement for McDonald’s Corporation shows cost of goods sold $7,764.3 million and operating expenses (including depreciation expense of $1,922 million) $17,074.4 million. The comparative balance sheet for the year shows that inventory increased $29.0 million, prepaid expenses increased $90.1 million, accounts payable (merchandise suppliers) increased $219.0 million, and accrued expenses payable increased $257.4 million. Using the direct method compute cash payments to suppliers. (Round answer to 1 decimal place, e.g. 1,589.5.) $ Cash payments to suppliers million LINK TO TEXT Using the direct method compute cash payments for operating expenses. (Round answer to 1 decimal place, e.g. 1,589.5.) Cash payments for operating expenses $ million Click if you would like to Show Work for this question: Open Show Work The 2014 accounting records of Blocker Transport reveal these transactions and events. Payment of interest $10,130 Collection of accounts Blocker Transport receivable Statement of Cash Flows—Direct Method Cash sales 48,980 Payment of salaries and wages For the Year 2014 Receipt of dividend revenue 18,690 Depreciation expense Payment of income taxes 11,690 Proceeds from sale of vehicles Net income 38,780 Purchase of equipment for cash Cash receipts from Payment of accounts payable Loss on disposal of vehicles for merchandise Payment for land 115,140 73,010 Payment of dividends $ Payment of operating expenses $182,140 52,370 16,800 11,050 22,670 2,490 14,990 27,400 Prepare the cash flows from operating activities section using the direct method. $ Click if you would like to Show Work for this Less cash payments: Problem 17-8A Presented below are the financial statements of Nosker Company. Assets Cash Accounts receivable NOSKER COMPANY Comparative Balance Sheets December 31 2014 $34,510 2013 $20,050 32,930 18,810 $ Inventory 26,710 Equipment 20,680 59,120 Accumulated depreciation—equipment Total 77,580 (29,050 ) (23,920 ) $124,220 $113,200 $28,880 $ 16,630 7,490 8,060 Bonds payable 27,240 33,530 Common stock 18,000 13,740 Retained earnings 42,610 41,240 $124,220 $113,200 Liabilities and Stockholders’ Equity Accounts payable Income taxes payable Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,090 176,750 64,340 23,690 40,650 3,400 37,250 7,900 $29,350 Additional data: 1. Dividends declared and paid were $27,980. 2. During the year equipment was sold for $7,860 cash. This equipment cost $18,460 originally and had a book value of $7,860 at the time of sale. 3. All depreciation expense, $15,730, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).) Nosker Company Statement of Cash Flows For the Year Ended December 31, 2014 $ Less cash payments: $ $ LINK TO TEXT Compute free cash flow. Free cash flow Click if you would like to Show Work for this question: $ Open Show Work