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The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,775 6,900 11,900 Current $ 86,900 Cash flows from operating activities: 70,575 $ 16,325 year. $ 10, 200 13,300 1,750 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 $ 15,900 8,100 880

The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,775 6,900 11,900 Current $ 86,900 Cash flows from operating activities: 70,575 $ 16,325 year. $ 10, 200 13,300 1,750 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 $ 15,900 8,100 880

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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The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,775 6,900 11,900 $ 86,900 70,575 $ 16,325 Cash flows from operating activities: Current year. $ 10, 200 13,300 1,750 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 $ 15,900 8,100 880 $ 0
Transcribed Image Text:The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,775 6,900 11,900 $ 86,900 70,575 $ 16,325 Cash flows from operating activities: Current year. $ 10, 200 13,300 1,750 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 $ 15,900 8,100 880 $ 0
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