PEACH COMPUTERSelected Balance Sheet DataDecember 31Increase (I)or20172018$95,000 $81,500Decrease (D)Cash$13,500 (1)Accounts receivable 46,700 52,500InventoryPrepaid rentAccounts payableIncome tax payable68,0002,30038,000 33,5004,3005,800 (D)16,500 (1)1,300 (D)4,500 (1)2,200 (D)51,500.3,6006,500Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method.outflows as negative amounts.)PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2018Cash flows from operating activities:< Prev53 of 56Next >tvMacBook Air>F7FBF9F1F2F3F4&78.WE Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTERIncome StatementFor the year ended December 31, 2018Net sales$1,625,000Expenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expense$980,000490,00043,00033,000Total expenses1,546,000Net income$ 79,000PEACH COMPUTERSelected Balance Sheet DataDecember 31Increase (I)or20182017$95,000 $81,500Decrease (D)Cash$13,500 (1)aw< Prev53 of 56NextvMacBook Air

The cash flow statement is prepared to record cash flow from various activities including operating,…

PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease (D) 2018 2017 $95,000 $81,500 Cash $13,500 (1) Accounts receivable 46,700 52,500 68,000 51,500 3,600 38,000 33,500 4,300 6,500 Inventory Prepaid rent Accounts payable Income tax payable 5,800 (D) 16,500 (1) 1,300 (D) 4,500 (1) 2,200 (D) 2,300

PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease (D) 2018 2017 $95,000 $81,500 Cash $13,500 (1) Accounts receivable 46,700 52,500 68,000 51,500 3,600 38,000 33,500 4,300 6,500 Inventory Prepaid rent Accounts payable Income tax payable 5,800 (D) 16,500 (1) 1,300 (D) 4,500 (1) 2,200 (D) 2,300

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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