Prepare the operating section for the statement of cash flows using the Indirect Method 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 $1,040,000 550,000 49,000 39,000 $1,775,000 Inventory 1,678,000 Prepaid rent $ 97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Accounts payable Income tax payable 2018 2017 $101,000 $84,500 46,100 49,500 74,000 54,500 2,900 4,800 44,000 36,500 4,900 9,500

Prepare the operating section for the statement of cash flows using the Indirect Method 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 $1,040,000 550,000 49,000 39,000 $1,775,000 Inventory 1,678,000 Prepaid rent $ 97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Accounts payable Income tax payable 2018 2017 $101,000 $84,500 46,100 49,500 74,000 54,500 2,900 4,800 44,000 36,500 4,900 9,500

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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