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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, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 34,500 7,500 Net cash flows from operating activities PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 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.) 1,590,000 $85,000 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 (I) or Decrease (D) $14,500 (1) 5,000 (D) 17,500 (1) 1,500 (D) (1) 5,500 3,000 (D)

Portions of the financial statements for Peach Computer are provided below. 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 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 34,500 7,500 Net cash flows from operating activities PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 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.) 1,590,000 $85,000 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 (I) or Decrease (D) $14,500 (1) 5,000 (D) 17,500 (1) 1,500 (D) (1) 5,500 3,000 (D)

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, 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 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 Net cash flows from operating activities 34,500 7,500 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 1,590,000 $85,000 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 (I) or Decrease (D) $14,500 (1) 5,000 (D) 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.) 17,500 (1) 1,500 (D) 5,500 (1) 3,000 (D)
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, 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 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 Net cash flows from operating activities 34,500 7,500 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 1,590,000 $85,000 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 (I) or Decrease (D) $14,500 (1) 5,000 (D) 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.) 17,500 (1) 1,500 (D) 5,500 (1) 3,000 (D)
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