> Answer is complete but not entirely correct. PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities $ 1,630,800 992,000 × (488,700) (35,200) $ 2,098,900
> Answer is complete but not entirely correct. PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities $ 1,630,800 992,000 × (488,700) (35,200) $ 2,098,900
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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Question
Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER | ||
Income Statement | ||
For the year ended December 31, 2024 | ||
Net sales | $1,625,000 | |
---|---|---|
Expenses: | ||
Cost of goods sold | $980,000 | |
Operating expenses | 490,000 | |
Depreciation expense | 43,000 | |
Income tax expense | 33,000 | |
Total expenses | 1,546,000 | |
Net income | $79,000 |
PEACH COMPUTER | ||||
Selected Balance Sheet Data | ||||
December 31 | ||||
2024 | 2023 | Increase (I) or Decrease (D) | ||
---|---|---|---|---|
Cash | $95,000 | $81,500 | $13,500 | (I) |
46,700 | 52,500 | 5,800 | (D) | |
Inventory | 68,000 | 51,500 | 16,500 | (I) |
Prepaid rent | 2,300 | 3,600 | 1,300 | (D) |
Accounts payable | 38,000 | 33,500 | 4,500 | (I) |
Income tax payable | 4,300 | 6,500 | 2,200 | (D) |
Required:
Prepare the operating activities section of the statement of
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