McGrawPEACH COMPUTERIncome StatementFor the year ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeCashAccounts receivable.InventoryPrepaid rentAccounts payableIncome tax payablePEACH COMPUTERSelected Balance Sheet DataDecember 312024$96,00046,60069,0002,40039,0004,400$990,000500,00044,00034,000Cash Slows from operating activitiesCash received from customersCash paid to suppliersCash paid for operating expensesCash paid for income taxesDepreciation expense2023$82,000$2,00052,0003,00034,0007,000PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024Net cash flows from operating activities$1,650,0001,568,000$82,000Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method (Amounts to bededucted should be indicated with a minus sign.)Increase (1) orDecrease (D)$14,000 (1)5,400 (0)17,000 (1)(0)(1)2,600 (0)1,4005,000S< Prev11 of 11Next >

The cash flow statement is prepared to record the cash flow from various activities during the…

Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense PEACH COMPUTER Income Statement For the year ended December 31, 2024 Income tax expense Total expenses Net income Cash Accounts receivable: Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 $990,000 500,000 44,000 34,000 2,400 39,000 4,400 2023 $82,000 $2,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (1) or Decrease (D) $14,000 (1) 5,400 (0) 17,000 (1) 1,400 (D) 5,000 (1) 2,600 (D) 27

Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense PEACH COMPUTER Income Statement For the year ended December 31, 2024 Income tax expense Total expenses Net income Cash Accounts receivable: Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 $990,000 500,000 44,000 34,000 2,400 39,000 4,400 2023 $82,000 $2,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (1) or Decrease (D) $14,000 (1) 5,400 (0) 17,000 (1) 1,400 (D) 5,000 (1) 2,600 (D) 27

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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Sales. Costs and expenses Cost of goods sold. Operating expenses. Interest expense... Income before income taxes. Income tax expense.. Net income.. Statement of Income For the Year Ended December 31, 2020 $1,140,000 $1,700,000 364,800 37,800 1,542,600 157,400 55,090 $ 102,310 GEORGE INDUSTRIES Statement of Financial Position December 31, 2020 Total assets. Total liabilities.. Total shareholders' equity... 2020 2019 $842,110 $717,800 329,600 279,600 512,510 438,200 Calculate the Net profit margin ratio (use up to 2 decimal places and do not use a % sign)
B. Below is the Statement of Comprehensive Income of Q & A Trading Company: Percentage 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses Net Income P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Trading Compary.
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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
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