Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $106,000 45,400 79,000 $1,090,000 600,000 54,000 44,000 3,400 49,000 5,400 2023 $87,000 51,000 57,000 5,800 39,000 12,000 $1,900,000 1,788,000 $112,000 Increase (I) or Decrease (D) $19,000 (I) (D) (I) (D) 5,600 22,000 2,400 10,000 (I) 6,600 (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.)

Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $106,000 45,400 79,000 $1,090,000 600,000 54,000 44,000 3,400 49,000 5,400 2023 $87,000 51,000 57,000 5,800 39,000 12,000 $1,900,000 1,788,000 $112,000 Increase (I) or Decrease (D) $19,000 (I) (D) (I) (D) 5,600 22,000 2,400 10,000 (I) 6,600 (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.)

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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Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,100,000 610,000 55,000 45,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) (D) 6,000 22,500 (I 2,500 (D) 10,500 (I) 7,000 (D)
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