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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities Net cash flows from operating activities $ 0
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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities Net cash flows from operating activities $ 0
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12A: The Statement Of Cash Flows
Section: Chapter Questions
Problem 2P: The financial statements for Romeo and Company follow. Assume that the additional investment and the...
Related questions
Question
Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER | ||
Income Statement | ||
For the year ended December 31, 2024 | ||
Net sales | $1,625,000 | |
---|---|---|
Expenses: | ||
Cost of goods sold | $980,000 | |
Operating expenses | 490,000 | |
Depreciation expense | 43,000 | |
Income tax expense | 33,000 | |
Total expenses | 1,546,000 | |
Net income | $79,000 |
PEACH COMPUTER | ||||
Selected Balance Sheet Data | ||||
December 31 | ||||
2024 | 2023 | Increase (I) or Decrease (D) | ||
---|---|---|---|---|
Cash | $95,000 | $81,500 | $13,500 | (I) |
Accounts receivable | 46,700 | 52,500 | 5,800 | (D) |
Inventory | 68,000 | 51,500 | 16,500 | (I) |
Prepaid rent | 2,300 | 3,600 | 1,300 | (D) |
Accounts payable | 38,000 | 33,500 | 4,500 | (I) |
Income tax payable | 4,300 | 6,500 | 2,200 | (D) |
Required:
Prepare the operating activities section of the statement of
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College