Question
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: $2,000,000 Cost of goods sold $1,130,000 Operating expenses Depreciation expense 640,000 58,000 Income tax expense 48,000 Total expenses Net income 1,876,000 $ 124,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash 2018 2017 $110,000$89,000 Decrease (D) $21,000 (0) Accounts receivable 45,800 53,000 7,200 (D) Inventory 83,000 59,000 24,000 ( Prepaid rent 3,800 6,600 2,800 (D) Accounts payable 53.000 Income tax payable 41,000 5,800 14,000 12,000 (0 8,200 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.) PEACH COMPLITED PEACH COMPUTER Selected Balance Sheet Data December 31 Increase or 2018 2017 Decrease (D) $110,000$89,000 Cash $21,000 (1) Accounts receivable 45,800 53,000 7,200 (D) Inventory 83,000 59,000 24,000 (1) Prepaid rent 3,800 6,600 2,800 (D) Accounts payable 53,000 41,000 12,000 (1) Income tax payable 5,800 14,000 8,200 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 Cash flows from operating activities: Net cash flows from operating activities $ 0
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