esExercise 11-9 (Algo) Calculate operating activities-indirect method (LO11-3)Portions of the financial statements for Peach Computer are provided below.Net salesExpenses:PEACH COMPUTERIncome StatementFor the year ended December 31, 2024Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeCashAccounts receivableInventoryPrepaid rentAccounts payableIncome tax payablePEACH COMPUTERSelected Balance Sheet DataDecember 31$1,030,000540,00048,00038,0002024$100,00046,20073,0002,80043,0004,800Cash flows from operating activities:2023$84,00050,00054,0004,60036,0009,000PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024$1,750,0001,656,000$94,000Increase (I) orDecrease (D)$16,000 (I)3,800(D)19,000(I)1,800(D)(I)(D)Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to bededucted should be indicated with a minus sign.)7,0004,200

Cash flow from operating activity includes transactions related to cash inflow and outflow of the…

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $100,000 46,200 73,000 2,800 $1,030,000 540,000 48,000 38,000 43,000 4,800 Cash flows from operating activities: 2023 $84,000 50,000 54,000 4,600 36,000 9,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,750,000 1,656,000 $94,000 Increase (I) or Decrease (D) $16,000 (I) (D) (I) 1,800 (D) 7,000 4,200 3,800 19,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) (I) (D)

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $100,000 46,200 73,000 2,800 $1,030,000 540,000 48,000 38,000 43,000 4,800 Cash flows from operating activities: 2023 $84,000 50,000 54,000 4,600 36,000 9,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,750,000 1,656,000 $94,000 Increase (I) or Decrease (D) $16,000 (I) (D) (I) 1,800 (D) 7,000 4,200 3,800 19,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) (I) (D)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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