SalesExpensesIncome Statement for Current YearCost of goods soldDepreciation expenseSalaries expenseNet incomePartial Balance SheetAccounts receivableInventorySalaries payable$ 51,8757,90010,500$ 85,800Cash flows from operating activities:70,275$ 15,525Current yearPEAK HEIGHTS COMPANYStatement of Cash Flows (Partial)$ 10,10012, 2001,640Required: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$ 14,8009,700890$

The cash flow statement is prepared to record the cash flow from various activities during the…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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