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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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Question

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

PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Net sales		$1,625,000
Expenses:
Cost of goods sold	$980,000
Operating expenses	490,000
Depreciation expense	43,000
Income tax expense	33,000
Total expenses		1,546,000
Net income		$79,000

	2024	2023	Increase (I) or Decrease (D)
PEACH COMPUTER
Selected Balance Sheet Data
December 31
Cash	$95,000	$81,500	$13,500	(I)
Accounts receivable	46,700	52,500	5,800	(D)
Inventory	68,000	51,500	16,500	(I)
Prepaid rent	2,300	3,600	1,300	(D)
Accounts payable	38,000	33,500	4,500	(I)
Income tax payable	4,300	6,500	2,200	(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.)

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.)
PEACH COMPUTER
Statement of Cash Flows (partial)
For the Year Ended December 31, 2024
Cash flows from operating activities
Net cash flows from operating activities
$
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