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…

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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