Please do not give solution in image format thanku Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTERIncome StatementFor the year ended December 31, 2018Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet income$1,100,000610,00055,00045,000$1,925,0001,810,000PEACH COMPUTERSelected Balance Sheet DataDecember 31$ 115,0002018 2017 Decrease (D)$107,000 $87,500Cash45,500 51,500Accounts receivableInventoryPrepaid rent80,000 57,5003,500 6,000Accounts payable50,000 39,500Income tax payable 5,500 12,500Cash flows from operating activities:Net cash flows from operating activitiesIncrease (1)orRequired:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cashoutflows as negative amounts.)$19,500 (1)6,000 (D)22,500 (1)2,500 (D)10,500 (1)7,000 (D)PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2018$0

Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,100,000 610,000 55,000 45,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,925,000 1,810,000 PEACH COMPUTER Selected Balance Sheet Data December 31 $ 115,000 2018 2017 Decrease (D) $107,000 $87,500 45,500 51,500 80,000 57,500 3,500 6,000 50,000 39,500 5,500 12,500 PEACH COMPUTER Increase (1) or $19,500 (1) 6,000 (D) 22,500 (1) 2,500 (D) 10,500 (1) 7,000 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.)

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,100,000 610,000 55,000 45,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,925,000 1,810,000 PEACH COMPUTER Selected Balance Sheet Data December 31 $ 115,000 2018 2017 Decrease (D) $107,000 $87,500 45,500 51,500 80,000 57,500 3,500 6,000 50,000 39,500 5,500 12,500 PEACH COMPUTER Increase (1) or $19,500 (1) 6,000 (D) 22,500 (1) 2,500 (D) 10,500 (1) 7,000 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (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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