..............….... Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,070,000 580,000 52,000 42,000 2021 $104,000 45,200 77,000 3,200 47,000 5,200 Cash flows from operating activities: Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes 2020 $86,000 50,000 56,000 5,400 38,000 11,000 $1,850,000 Net cash flows from operating activities 1,744,000 $ 106,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows and any decrease in cash as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Increase (I) or Decrease (D) $18,000 (1) 4,800 (D) 21,000 (1) 2,200 (D) 9,000 (I) 5,800 (D) $ 1,854,800 $ 1,854,800

..............….... Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,070,000 580,000 52,000 42,000 2021 $104,000 45,200 77,000 3,200 47,000 5,200 Cash flows from operating activities: Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes 2020 $86,000 50,000 56,000 5,400 38,000 11,000 $1,850,000 Net cash flows from operating activities 1,744,000 $ 106,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows and any decrease in cash as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Increase (I) or Decrease (D) $18,000 (1) 4,800 (D) 21,000 (1) 2,200 (D) 9,000 (I) 5,800 (D) $ 1,854,800 $ 1,854,800

Name: please answer do not image format Portions of the financial statements
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Description: please answer do not image format Portions of the financial statements for Peach Computer are provided below.Net salesExpenses:PEACH COMPUTERIncome StatementFor the year ended December 31, 2021Cost of goods soldOperating expensesDepreciation expenseI

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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