Use the McDonald data from Problem P14-41B. P14-41B Requirements 1. Prepare the 2016 statement of cash flows
Question:
P14-41B
Requirements
1. Prepare the 2016 statement of cash flows by the direct method.
2. How will what you learned in this problem help you evaluate an investment?
Transcribed Image Text:
MCDONALD, INC. Income Statement Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses 443,000 203,200 239,800 Salaries Expense Depreciation Expense -Plant Assets Other Operating Expenses Total Operating Expenses 78,400 14,800 10,300 103,500 136,300 Operating Income Other Rewenues and (Expenses) Interest Revenue Interest Expense Total Other Revenues and (Expenses) 8,300 (21,800) Net Income Before Income Taxes Income Tax Expense Net Income (13,500) 122,800 19,200 103,600 MCDONALD, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets Cash Accounts Receivable Merchandise Inventory 26,200 15, 100 25,700 91,800 26,500 79,800 Long-terrn Assets Plant Assets Accunulated Depreciation Pant Assets Land 117,240 109.480 (21,340) (19,780) 14,000 S 262,900 236,300 34,500 Total Assets labilities Current LLabilities Accounts Payable Accrued Liabilities 35,000 30,000 30,900 28,300 Long-term Liabilities: 75,000 138,300 Notes Payable 105,000 Total Liabidities 65,900 Stockholders' Equity Comman Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stoctholders Equity 88,800 35,800 64,300 6,100 124,600 70400 2 $ 262,900 236,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
Requirement 1 MCDONALD INC Statement of Cash Flows Year Ended December 31 2016 Cash Flows from Operating Activities Receipts Collections from Customer...View the full answer
Answered By
Vineet Kumar Yadav
I am a biotech engineer and cleared jee exam 2 times and also i am a math tutor. topper comunity , chegg India, vedantu doubt expert( solving doubt for iit jee student on the online doubt solving app in live chat with student)
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Managerial Accounting questions
-
Use the McDonald data from Problem P16-41B. Problem P16-41B The 2016 income statement and comparative balance sheet of McDonald, Inc. follow: Additionally, McDonald purchased land of $20,500 by...
-
Use Apple Inc.'s consolidated statement of cash flows along with the company's other consolidated financial statements, all in Appendix A and online in the filings section of www.sec.gov, to answer...
-
Use YUM! Brands, Inc.'s, statement of cash flows along with the company's other financial statements, all in Appendix A at the end of the book, to answer the following questions. Required 1. By which...
-
The acquisition committee of KE plc is considering making takeover bids for two competitors, Scot plc, a listed company, and Ring Ltd. Summarised financial data is given below for these companies....
-
Cogan was a long-standing season ticket holder to Toronto Blue Jay baseball games and had made it a practice of allowing his friends and business associatesSherman and Fingoldto purchase some of...
-
Complete TRY THIS Exercise 2, and then modify the IPO chart information and C++ instructions to indicate that the prices of the latex and Mylar balloons will always be $2.25 and $3.75, respectively....
-
Air at \(300 \mathrm{~K}\) and \(1 \mathrm{~atm}\) flows along a flat plate at \(3 \mathrm{~m} / \mathrm{s}\). At a location of \(0.3 \mathrm{~m}\) from the leading edge, find the thickness of the...
-
Do you think global businesses would be willing to subscribe to a global code of conduct? Explain your answer.
-
What is Cullumber's times interest earned for 2025? Cullumber Company's 2025 financial statements contain the following selected data: Income taxes $44000 Interest expense 24000 Net income 56800
-
When a consumer searches on Google, related advertisements (so-called sponsored links) appear next to the results. Firms bid for top placement on the page for their links. In a Google ad auction, the...
-
Official Reserve Rare Coins (ORRC) was formed on January 1, 2016. Additional data for the year follow: a. On January 1, 2016, ORRC issued no par common stock for $450,000. b. Early in January, ORRC...
-
The 2016 comparative balance sheet and income statement of Abilene Group, Inc. follow. Abilene disposed of a plant asset at book value in 2016. Prepare the spreadsheet for the 2016 statement of cash...
-
The three blood banks in Franklin County are coordinated through a central office that facilitates blood delivery to four hospitals in the region. The cost to ship a standard container of blood from...
-
A clean wooden box of mass 29[kg] is resting on a clean wooden surface. A person is pushing the box with an increasing force. The force slowly grows from 0, until the force reaches a maximum of 50...
-
Problem 2. National income is 2000, 10% of which is net factor payments from abroad. Taxes are 300, transfers 100, and interest on public debt 100. The government maintains a budget deficit of 5% of...
-
A ring is slipping on a horizontal surface. The center of the ring is moving to the right at 2 m/s. The ring is also rotating counterclockwise at 3 rad/s. What is the angular momentum of the ring...
-
There is growing interest in the extraction of natural gas, whose primary component is methane (CH4), from unusual sources. One such source is natural gas hydrates, where gas molecules are trapped in...
-
The forklift with the dimensions show below have a load of 1700 kg and the forklift itself is 7700 kg. Consider that 4 normal forces are there, 2 at the front wheels (assume they are equal) and 2 at...
-
Much research has focused on comparing business environment cultures across several countries. The article Perception of Internal Factors for Corporate Entrepreneurship: A Comparison of Canadian and...
-
What is the back work ratio? What are typical back work ratio values for gas-turbine engines?
-
Accounting uses a double-entry system. Explain what this sentence means.
-
What is a T-account? On which side is the debit? On which side is the credit? Where does the account name go on a T-account?
-
When are debits increases? When are debits decreases?
-
United States Dominance in Psychology Collaboration is a critical feature of global psychology. In order for professionals to work together throughout the world, it is important for them to have some...
-
( support your answer with one academic reference and non-academic or industry reference ). Every year, as a CEO of a company, you are required to make an annual formal report. In your opinion, what...
-
Question 1 Apple is back under the spotlight over labor conditions in its supply chain following an explosive report from The Information on Thursday that revealed new details about the company's...
Study smarter with the SolutionInn App