Case Study 2 - ACCT 201 Case Study 2 1 What is amount of...

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ACCT 201 Case Study 2 1. What is amount of “prepaid expenses and other current assets” at year end 12/31/2014? Where did you find them? Why are prepaid expenses not “true” expenses? Prepaid expenses and other assets are $783.20 million found on page 31. Prepaid expenses are not true expenses because they are actually assets that become expenses as they start to get used up. A great example would be office supplies as an asset, because as they get used up during the year they become an expense. 2. What are the two categories of revenue listed on the income statement? Operating Income Income Before Provisioning for Taxes 3. Look at the operating expenses. McDonald’s doesn’t use the term “cost of goods sold” for the expense of the items it sells. What is the account name for the cost of goods sold for the year ended 12/31/2014 and where did you find it? Food and Paper on page 29 4. On what page do you find a detailed discussion of management’s assessment of internal control over financial reporting in the financial statements?
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