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Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section3.4: Starting A New Journal
Problem 3AYU
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Can someone please help me with this question please. I keep getting it incorrect.
Transcribed Image Text:Can someone please help me with this question please. I keep getting it incorrect.
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 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $ 112,000 46,000 85,000 4,000 55,000 6,000 Cash flows from operating activities $ 1,150,000 660,000 60,000 50,000 2023 $ 90,000 54,000 60,000 7,000 42,000 15,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from operating activities 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.) $ $ 2,050,000 1,920,000 $ 130,000 Increase (I) or Decrease (D) $ 22,000 (1) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (I) 9,000 (D) 2,050,000 $ 2,050,000
Transcribed Image Text: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 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $ 112,000 46,000 85,000 4,000 55,000 6,000 Cash flows from operating activities $ 1,150,000 660,000 60,000 50,000 2023 $ 90,000 54,000 60,000 7,000 42,000 15,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from operating activities 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.) $ $ 2,050,000 1,920,000 $ 130,000 Increase (I) or Decrease (D) $ 22,000 (1) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (I) 9,000 (D) 2,050,000 $ 2,050,000
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