Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 $1,650,000 $990,000 500,000 44,000 34,000 1,568,000 $82,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2824 $96,000 2023 Decrease (D) $82,000 $14,000 (I) 46,600 52,000 5,400 (D) 69,000 52,000 17,000 (I) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (I) 4,400 7,000 2,600 (D) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities

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 $1,650,000 $990,000 500,000 44,000 34,000 1,568,000 $82,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2824 $96,000 2023 Decrease (D) $82,000 $14,000 (I) 46,600 52,000 5,400 (D) 69,000 52,000 17,000 (I) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (I) 4,400 7,000 2,600 (D) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
None
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 $1,650,000 $990,000 500,000 44,000 34,000 1,568,000 $82,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2824 $96,000 2023 Decrease (D) $82,000 $14,000 (I) 46,600 52,000 5,400 (D) 69,000 52,000 17,000 (I) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (I) 4,400 7,000 2,600 (D) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities
Transcribed Image Text: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 $1,650,000 $990,000 500,000 44,000 34,000 1,568,000 $82,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2824 $96,000 2023 Decrease (D) $82,000 $14,000 (I) 46,600 52,000 5,400 (D) 69,000 52,000 17,000 (I) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (I) 4,400 7,000 2,600 (D) 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.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS