Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTERIncome StatementFor the year ended December 31, 2021Net sales$1,900,000Expenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expense$1,090,000600,00054,00044,000Total expenses1,788,000Net income$4112,000PEACH COMPUTERSelected Balance Sheet DataDecember 31Increase (I)orDecrease (D)$19,000 (I)(D)20212020Cash$106,00045,40079,0003,40049,0005,400$87,000Accounts receivable51,00057,0005,80039,00012,0005,600Inventory22,000(I)Prepaid rentAccounts payableIncome tax payable2,400(D)10,000(I)6,600(D)Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cashoutflows and any decrease in cash as negative amounts.) Income tax payable5,40012,0006,600 (D)Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cashoutflows and any decrease in cash as negative amounts.)PEACH COMPUTERStatement of Cash Flows (partial)-For the Year Ended December 31, 2021Cash flows from operating activities:Net income112,000Adjustments to reconcile net income to netcash flows from operating activities:Decrease in accounts receivable5,600Increase in inventory(22,000)Decrease in prepaid rent2,400Increase in accounts payable10,000Decrease in income tax payable(6,600)Net cash flows from operating activities101,400%24%24

Name: Portions of the financial statements for Peach Computer are provided
Uploaded: 2024-03-05T11:47:04.000Z
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Description: Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTERIncome StatementFor the year ended December 31, 2021Net sales$1,900,000Expenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expense$1,090

Solution: Operating activities section of statement of cash flows is as under:

Business

Accounting

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,900,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,090,000 600,000 54,000 44,000 Total expenses 1,788,000 $ 112,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease (D) $19,000 (I) 5,600 (D) 22,000 (I) 2,400 (D) 10,000 (I) 6,600 (D) 2021 2020 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $106,000 45,400 79,000 3,400 49,000 5,400 $87,000 51,000 57,000 5,800 39,000 12,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using outflows and any decrease in cash as negative amounts.)

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,900,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,090,000 600,000 54,000 44,000 Total expenses 1,788,000 $ 112,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease (D) $19,000 (I) 5,600 (D) 22,000 (I) 2,400 (D) 10,000 (I) 6,600 (D) 2021 2020 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $106,000 45,400 79,000 3,400 49,000 5,400 $87,000 51,000 57,000 5,800 39,000 12,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using outflows and any decrease in cash 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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