Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income artial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,875 7,900 10,500 $ 85,800 70,275 $ 15,525 Current year $ 10,100 12, 200 1,640 Prior year $ 14,800 9,700 890 -quired: esent the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. ote: List cash outflows as negative amounts.
Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income artial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,875 7,900 10,500 $ 85,800 70,275 $ 15,525 Current year $ 10,100 12, 200 1,640 Prior year $ 14,800 9,700 890 -quired: esent the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. ote: List cash outflows as negative amounts.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 14P
Related questions
Question
![Sales
Expenses
Income Statement for Current Year
Cost of goods sold
Depreciation expense
Salaries expense
Net income
Partial Balance Sheet
Accounts receivable
Inventory
Salaries payable
$ 51,875
7,900
10,500
$ 85,800
Cash flows from operating activities:
70,275
$ 15,525
Current year
PEAK HEIGHTS COMPANY
Statement of Cash Flows (Partial)
$ 10,100
12, 200
1,640
Required:
Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method.
Note: List cash outflows as negative amounts.
Prior year
$ 14,800
9,700
890
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F711dfce9-6233-49d5-a7a2-f29ed54b72c8%2F04acb8be-61b7-43f2-960f-830ad79eda6d%2Ffwpfft_processed.png&w=3840&q=75)
Transcribed Image Text:Sales
Expenses
Income Statement for Current Year
Cost of goods sold
Depreciation expense
Salaries expense
Net income
Partial Balance Sheet
Accounts receivable
Inventory
Salaries payable
$ 51,875
7,900
10,500
$ 85,800
Cash flows from operating activities:
70,275
$ 15,525
Current year
PEAK HEIGHTS COMPANY
Statement of Cash Flows (Partial)
$ 10,100
12, 200
1,640
Required:
Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method.
Note: List cash outflows as negative amounts.
Prior year
$ 14,800
9,700
890
$
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