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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:
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: Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,700,000 $1,010,000 520,000 46,000 36,000 Total expenses 1,612,000 88,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease (D) $15,000 (I) 4,600 (D) 18,000 () 1,600 (D) 6,000 () 3,400 (D) 2018 2017 $83,000 51,000 53,000 4,200 35,000 8,000 Cash Accounts receivable $98,000 46,400 71,000 2,600 41,000 4.600 Inventory Prepaid rent Accounts payable Income tax payable Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities
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