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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