Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 $1,575,000 Net sales Expenses: Cost of goods sold $960,000 470,000 Operating expenses Depreciation expense 41,000 Income tax expense 31,000 Total expenses Net income 1,502,000 $73,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2024 2023 Decrease (D) Cash $93,000 $80,500 $12,500 (I) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (I) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (I) Income tax payable 4,100 5,500 1,400 (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. PEACH COMPUTER Income Statement For the year ended December 31, 2024 $1,575,000 Net sales Expenses: Cost of goods sold $960,000 470,000 Operating expenses Depreciation expense 41,000 Income tax expense 31,000 Total expenses Net income 1,502,000 $73,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2024 2023 Decrease (D) Cash $93,000 $80,500 $12,500 (I) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (I) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (I) Income tax payable 4,100 5,500 1,400 (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.)

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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