Concord Inc. reported sales of $2.08 million for 2022. Accounts receivable decreased $125,000 and accounts payable increased $320,000. Compute cash receipts from customers, assuming that the receivable and payable transactions are related to operations.
Cash receipts from customers $_____
Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,880.8 million and operating expenses (including depreciation expense of $1,219.0 million) $10,622.6 million. The comparative balance sheets for the year show that inventory decreased $6.1 million, prepaid expenses increased $46.9 million, accounts payable (inventory suppliers) increased $16.8 million, and accrued expenses payable increased $197.6 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