AC116 Unit 10 Lab Assignment
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Concord Company’s income statement contained the following condensed information.
CONCORD COMPANY
Income Statement
For the Year Ended December 31, 2022
Service revenue
$970,300
Operating expenses, excluding depreciation
$624,700
Depreciation expense
54,500
Loss on disposal of plant assets
25,400
704,600
Income before income taxes
265,700
Income tax expense
39,100
$226,600
Net income
Concord’s balance sheets contained the comparative data at December 31, shown below.
2022
2021
Accounts receivable
$75,100
$59,900
Accounts payable
41,600
28,100
Income taxes payable
13,800
6,800
Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows 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).)
CONCORD COMPANY
Partial Statement of Cash Flows
2.
– Increase in income tax payable
– Increase in accounts payable
– Loss on sale of equipment
– Decrease in accounts receivable
– Decrease in income tax payable
– Net income
– Decrease in accounts payable
– Cash receipts from customers
– For operating expenses
– Increase in accounts receivable
– For income taxes
– Depreciation expenses
1.
2.
$
cash payments:
$
$
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1.
– Cash at beginning of period
– Cash at end of period
– Cash flows from financing activities
– Cash flows from investing activities
– Cash flows from operating activities
– Net cash provided by
financing activities
– Net cash provided by investing activities
– Net cash provided by operating activities
– Net cash used by financing activities
– Net cash used by investing activities
– Net cash used by operating activities
– Net decrease in cash
– Net increase in cash
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AC116 Unit 10 Lab Assignment
Question 3 of 7
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Your answer is incorrect.
Sheffield Corporation reports operating expenses of $97,800 excluding depreciation expense of $10,900, for 2022. During the year,
prepaid expenses decreased $6,900 and accrued expenses payable increased $4,800.
Compute the cash payments for operating expenses in 2022.
Cash payments for operating expenses
$
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AC116 Unit 10 Lab Assignment
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Current Attempt in Progress
Your answer is incorrect.
Suppose the 2022 income statement for McDonald’s Corporation shows cost of goods sold $4,870.8 million and operating expenses
(including depreciation expense of $1,283.0 million) $10,672.6 million. The comparative balance sheets for the year show that
inventory decreased $6.8 million, prepaid expenses increased $44.3 million, accounts payable (inventory suppliers) increased $20.0
million, and accrued expenses payable increased $197.7 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
$
million
Cash payments for operating expenses
$
million
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