Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help ASAP! HUD Save & Exit Portions of the financial statements for Peach Computer are provided below. Check PEACH COMPUTER Income Statement For the
Please help ASAP!
HUD Save & Exit Portions of the financial statements for Peach Computer are provided below. Check PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,000,000 Expenses: Cost of goods sold $1,130,000 Operating expenses 640,000 Depreciation expense 58.000 Income tax expense 48,000 Total expenses 1,876,000 Net income $ 124,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $110.000 45,800 83.000 3,800 53,000 5,800 2020 $89,000. 53,000 59.000 6,600 41.000 14,000 Decrease (D) $21,000 (1) 7,200 (D) 24,000 (1) 2.800 (D) 12.000 (1) 8,200 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) Prepaia rent Accounts payable Income tax payable 3, ouu 53,000 5,800 o on 6, DUU 41,000 14,000 2, UU 12,000 8,200 (D) (1) (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the Indirect 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 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started