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 $1,750,000 $1,030,000 540,000 48,000 38,000 1,656,000 $94,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $100,000 46,200 73,000 2,800 43,000 4,800 2023 $84,000 50,000 54,000 4,600 36,000 9,000 Increase (I) or Decrease (D) $16,000 3,800 19,000 1,800 7,000 4,200 (I) (D) (I) (D) (I) (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.)

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 $1,750,000 $1,030,000 540,000 48,000 38,000 1,656,000 $94,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $100,000 46,200 73,000 2,800 43,000 4,800 2023 $84,000 50,000 54,000 4,600 36,000 9,000 Increase (I) or Decrease (D) $16,000 3,800 19,000 1,800 7,000 4,200 (I) (D) (I) (D) (I) (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.)

Name: PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended Dec
Uploaded: 2024-03-05T11:47:04.000Z
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Description: PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024Cash flows from operating activitiesNet cash flows from operating activities$ Portions of the financial statements for Peach Computer are provided below.PEACH COMPUTE

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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