The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold $ 51,775 Depreciation 6,800 11,900 expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 86,900 70,475 $ 16,425 Cash flows from operating activities: Current year $ 11,400 12,800 1,720 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Prior year $14,500 8,600 840 $ 0

The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold $ 51,775 Depreciation 6,800 11,900 expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 86,900 70,475 $ 16,425 Cash flows from operating activities: Current year $ 11,400 12,800 1,720 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Prior year $14,500 8,600 840 $ 0

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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