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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 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,120,000 630,000 57,000 47,000 2018 $109,000 45,700 82,000 3,700 52,000 5,700 PEACH COMPUTER Selected Balance Sheet Data December 31 $1,975,000 1,854,000 Cash flows from operating activities: $ 121,000 Net cash flows from operating activities 2017 $88,500 52,500 58,500 6,400 40,500 13,500 Increase (1) or Decrease (D) $20,500 (1) 6,800 (D) 23,500 (1) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 2,700 (D) 11,500 (1) 7,800 (D) S 0

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 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,120,000 630,000 57,000 47,000 2018 $109,000 45,700 82,000 3,700 52,000 5,700 PEACH COMPUTER Selected Balance Sheet Data December 31 $1,975,000 1,854,000 Cash flows from operating activities: $ 121,000 Net cash flows from operating activities 2017 $88,500 52,500 58,500 6,400 40,500 13,500 Increase (1) or Decrease (D) $20,500 (1) 6,800 (D) 23,500 (1) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 2,700 (D) 11,500 (1) 7,800 (D) S 0

FINANCIAL ACCOUNTING
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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Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2018 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 $1,120,000 630,000 57,000 47,000 2018 $109, PEACH COMPUTER Selected Balance Sheet Data December 31 45,700 82.000 3,700 52.000 5,700 $1,975,000 Cash flows from operating activities: 1,854,000 $ 121,000 Net cash flows from operating activities 2017 $88, 52,500 58.500 6,400 40,500 13,500 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.) Increase (1) or Decrease (D) 20,500 6,800 (D) 23,500 (1) 2,700 (D) 11,500 (1) 7,800 (D) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 $ 0
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, 2018 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 $1,120,000 630,000 57,000 47,000 2018 $109, PEACH COMPUTER Selected Balance Sheet Data December 31 45,700 82.000 3,700 52.000 5,700 $1,975,000 Cash flows from operating activities: 1,854,000 $ 121,000 Net cash flows from operating activities 2017 $88, 52,500 58.500 6,400 40,500 13,500 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.) Increase (1) or Decrease (D) 20,500 6,800 (D) 23,500 (1) 2,700 (D) 11,500 (1) 7,800 (D) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 $ 0
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