Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls help me:) Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021
pls help me:)
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,625,000 Expenses: Cost of goods sold $980,000 Operating expenses 490,000 Depreciation expense 43,000 Income tax expense 33,000 Total expenses 1,546,000 Net income $ 79,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2021 2020 Decrease (D) Cash $95,000 $81,500 $13,500 (I) Accounts receivable 46,700 52,500 5,800 (D) Inventory 68,000 51,500 16,500 (I) Prepaid rent 2,300 3,600 1,300 (D) Accounts payable 38,000 33,500 4,500 (I) Income tax payable 4,300 6,500 2,200 (D) Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 46,700 68,000 2,300 38,000 4,300 52,500 51,500 3,500 33,500 6,500 5,800 ID) 16,500 (1) 1,300 (D) 4.500 2,200 (D) (I) 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