Exercise 11-11 Calculate operating activities-indirect method (LO11-2) Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses $1,600,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $970,000 480,000 42,000 32,000 Total expenses 1,524,000 Net income s 76,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase () or 2018 2017 Decrease (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $94,000 $81,000 $13,000 (1) 67,000 51,000 16,000 (1) 4,000 (1) 46,800 53,000 2,200 3,400 37,000 33,000 4,200 6,000 6,200 (D) 1,200 (D) 1,800 (D)