Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,775,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,040,000 550,000 49,000 39,000 Cash flows from operating activities 1,678,000 $97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2024 2023 Decrease (D) Cash $101,000 $84,500 $16,500 Accounts receivable 46,100 49,500 3,400 (I) (D) Net cash flows from operating activities Inventory 74,000 54,500 19,500 (I) Prepaid rent 2,900 4,800 1,900 (D) Accounts payable 44,000 36,500 7,500 (I) Income tax payable 4,900 9,500 4,600 (D) EA $ 0
Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,775,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,040,000 550,000 49,000 39,000 Cash flows from operating activities 1,678,000 $97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2024 2023 Decrease (D) Cash $101,000 $84,500 $16,500 Accounts receivable 46,100 49,500 3,400 (I) (D) Net cash flows from operating activities Inventory 74,000 54,500 19,500 (I) Prepaid rent 2,900 4,800 1,900 (D) Accounts payable 44,000 36,500 7,500 (I) Income tax payable 4,900 9,500 4,600 (D) EA $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
rmn.3
Transcribed Image Text:Portions of the financial statements for Peach Computer are provided below.
Net sales
Expenses:
PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income
$1,775,000
PEACH COMPUTER
Statement of Cash Flows (partial)
For the Year Ended December 31, 2024
$1,040,000
550,000
49,000
39,000
Cash flows from operating activities
1,678,000
$97,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
Increase (I) or
2024
2023
Decrease (D)
Cash
$101,000
$84,500
$16,500
Accounts receivable
46,100
49,500
3,400
(I)
(D)
Net cash flows from operating activities
Inventory
74,000
54,500
19,500 (I)
Prepaid rent
2,900
4,800
1,900 (D)
Accounts payable
44,000
36,500
7,500 (I)
Income tax payable
4,900
9,500
4,600
(D)
EA
$
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