Answered step by step
Verified Expert Solution
Link Copied!
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:)
image text in transcribed
image text in transcribed
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

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Valerie A. Kinnear, Donald E. Kieso, Paul D. Kimmel, Barbara A. Trenholm, Joan E. Barlow

6th Canadian Edition

1118557301, 978-1118557303

More Books

Students explore these related Accounting questions