FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Exercise 11 -9 (Algo) Calculate operating activities-indirect method (LO11-3) Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales $2,025, 000 Expenses: Cost of goods sold $1,140,000 Operating expenses 650,000 Depreciation expense 59,000 Income tax expense 49,000 Total expenses 1,898,000 Net income $127,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 2023 Increase (1) or Decrease (D) Cash $ 111,000 $89,500 $21,500 (1) Accounts receivable 45, 900 53, 500 7,600 (D) Inventory 84,000 59,500 24,500 (1) Prepaid rent 3, 900 6,800 2,900 (D) Accounts payable 54,000 41, 500 12,500 (1) Income tax payable 5, 900 14, 500 8,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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Transcribed Image Text:Exercise 11 -9 (Algo) Calculate operating activities-indirect method (LO11-3) Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales $2,025, 000 Expenses: Cost of goods sold $1,140,000 Operating expenses 650,000 Depreciation expense 59,000 Income tax expense 49,000 Total expenses 1,898,000 Net income $127,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 2023 Increase (1) or Decrease (D) Cash $ 111,000 $89,500 $21,500 (1) Accounts receivable 45, 900 53, 500 7,600 (D) Inventory 84,000 59,500 24,500 (1) Prepaid rent 3, 900 6,800 2,900 (D) Accounts payable 54,000 41, 500 12,500 (1) Income tax payable 5, 900 14, 500 8,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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