(solution) I need assistance with my Accounting Homework for Chapter 17 –

(solution) I need assistance with my Accounting Homework for Chapter 17 –

I need assistance with my Accounting Homework for Chapter 17 – Thank you

Exercise 17-11
Suppose a recent income statement for McDonald?s Corporation shows cost of goods sold
$8,977.5 million and operating expenses (including depreciation expense of $2,222 million)
$19,742.3 million. The comparative balance sheet for the year shows that inventory increased
$33.5 million, prepaid expenses increased $104.2 million, accounts payable (merchandise
suppliers) increased $253.3 million, and accrued expenses payable increased $297.7 million.
Don't show me this message again for the assignment 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 Don't show me this message again for the assignment 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
paymen
ts for
operatin
g
expense
s
Exercise 17-12
The 2014 accounting records of Blocker Transport reveal these transactions and
events.
Payment of interest $10,740 Collection of accounts $181,990 $ Cash sales
Receipt of dividend revenue
Payment of income taxes
Net income 47,520
17,930
11,980
37,260 Payment of accounts payable
for merchandise
Payment for land receivable
Payment of salaries and wages
Depreciation expense
Proceeds from sale of vehicles
Purchase of equipment for cash
Loss on disposal of vehicles 115,940
74,810 Payment of dividends
Payment of operating expenses Prepare the cash flows from operating activities section using the direct method. Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work
Problem 17-8A
Presented below are the financial statements of Nosker Company.
NOSKER COMPANY
Comparative Balance Sheets
December 31
2014 Assets
Cash 2013 $35,940 $20,400 Accounts receivable 32,520 18,990 Inventory 26,750 20,580 Equipment 59,850 Accumulated depreciation?equipment
Total 77,350 (29,680 ) (23,480 ) $125,380 $113,840 $28,480 $ 16,430 7,020 8,460 Bonds payable 26,320 33,910 Common stock 18,390 14,840 Retained earnings 45,170 40,200 $125,380 $113,840 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 $241,850
175,480
66,370
24,980 Income from operations
Interest expense
Income before income taxes
Income tax expense
Net income 41,390
2,140
39,250
8,340
$30,910 Additional data:
1. Dividends declared and paid were $25,940.
2. During the year equipment was sold for $7,630 cash. This equipment
cost $17,500 originally and had a book value of $7,630 at the time of
sale.
3. All depreciation expense, $16,070, 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.
Don't show me this message again for the assignment 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:
$ $ Don't show me this message again for the assignment Link to Text Compute free cash flow.
Free cash flow $