Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTERIncome StatementFor the year ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeCashAccounts receivableInventoryPrepaid rentAccounts payableIncome tax payable$1,100,000610,00055,00045,000PEACH COMPUTERSelected Balance Sheet DataDecember 312024$107,00045,50080,0003,50050,0005,5002023$87,50051,50057,5006,00039,50012,500$1,925,0001,810,000$115,000Increase (I) orDecrease (D)$19,500 (I)(D)6,00022,500(I2,500(D)10,500 (I)7,000(D) Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to bededucted should be indicated with a minus sign.)PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024Cash flows from operating activitiesNet incomeDepreciation expenseDecrease in accounts receivableIncrease in inventoryDecrease in prepaid rentDecrease in accounts payableNet cash flows from operating activities$115,00055,0006,000(22,500)2,50010,500$166,500

The question is related Cash Flow Statement. Thr Cash Flow Statement is the Statement of Cash Receipts and Cash Payments for the period. There are three activities in Cash Flow Statement Cash Flow from Operating Activities : - There are two methods (a) Direct Method (b) Indirect Method Cash Flow from Investing Activities Cash Flow from Financing Activities PEACH COMPUTERS Statement of Cash Flow (Partial) Direct Method for the Year ended December 31, 2024 (Operating Section) Particulars Details ($)Amount ($) Cash Flow from Operating Activities Collection from Accounts Receivables 1931000Payment to Accounts Payables -1112000Operating Expenses paid -610000Cash Flow before tax paid 209000Tax paid -52000Cash Flow from Operating Activities 1570001. Calculation of Gross Profit Gross Profit = Net Sales - Cost of Goods Sold Gross Profit = $1925000 - $1100000 = $8250002. Calculation of Purchase by preparing Trading Account Dr. Trading Account for 2024 Cr.Particulars Amount ($)Particulars Amount ($)To Opening Inventory 57500By Net Sales 1925000To Purchase (Balancing figure) 1122500By Closing Inventory 80000To Gross Profit 825000Total 2005000Total 20050003. Calculation of Amount paid to Accounts Payables Assumed all purchases are on credit Dr. Accounts Payables Cr.Particulars Amount ($)Particulars Amount ($)To Bank (being paid) Balancing figure 1112000By Balance b/d39500By balance c/d 50000By Purchase 1122500Total 1162000Total 11620004. Calculation of Collection from Receivables Dr. Accounts Receivables Cr. Particulars Amount ($)Particulars Amount ($) To balance b/d51500By Bank (being amount received) Balancing figure 1931000To Sales (Assumed all Credit)1925000By balance c/d45500Total 1976500Total 19765004. Calculation of Tax,paid,Dr. Trading Account for 2024 Cr.Dr. Income Tax Payable Cr.Particulars Amount ($)Particulars Amount ($)To Bank (being tax paid) Balancing figure 52000By balance b/d12500To balance c/d 5500By Income Statement 45000Total 57500Total 57500Answer is in step 2.

Business

Accounting

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 Cash Accounts receivable. Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 $1,100,000 610,000 55,000 45,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) 6,000 (D) 22,500 (I) 2,500 (D) 10,500 (I) 7,000 (D)

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 Cash Accounts receivable. Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 $1,100,000 610,000 55,000 45,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) 6,000 (D) 22,500 (I) 2,500 (D) 10,500 (I) 7,000 (D)

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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Mc Graw 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 $96,000 46,600 69,000 2,400 39,000 4,400 $990,000 500,000 44,000 34,000 Cash Slows from operating activities Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Depreciation expense 2023 $82,000 $2,000 52,000 3,000 34,000 7,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from operating activities $1,650,000 1,568,000 $82,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method (Amounts to be deducted should be indicated with a minus sign.) Increase (1) or…
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