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1. The 2009 income statement for McDonald's Corporation shows cost of goods sold $5,178.0 million and operating expenses (including depreciation expense of $1,216.2 million) $10,725.7 million. The comparative balance sheet for the year shows that inventory decreased $5.3 million, prepaid expenses increased $42.2 million, accounts payable (merchandise suppliers) increased $15.6 million, and accrued expenses payable increased $199.8 million.
Instructions
Using the direct method, compute
(a) Cash payments to suppliers and
(b) Cash payments for operating expenses.
Explain how procurement cards provide for increased efficiencies in the accounts payable department.
Prepare a bank reconciliation for the MSI checking account at December 31, 2013. You will have to compute the balance per books
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