Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts payable Increase in income tax payable $183,000 58,000 15,800 21,000 PETOSKEY TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: $303,000 Required: Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Net cash flows from operating activities 277,800 $ 25,200 $ 5,800 12,800 8,800 4,800 7,800 19,200

Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts payable Increase in income tax payable $183,000 58,000 15,800 21,000 PETOSKEY TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: $303,000 Required: Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Net cash flows from operating activities 277,800 $ 25,200 $ 5,800 12,800 8,800 4,800 7,800 19,200

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Description: Foc Don't upload any image please Portions of the financial statements for Petoskey Technologies are provided below.PETOSKEY TECHNOLOGIESIncome StatementFor the Year Ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreci

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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