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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 $1,650,000
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 () 5,400 (D) 17,000 (1) 1,400 (D) 5,000 2.600 (D) Prepaid rent Accounts payable Income tax payable 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 cash flows from operating activities
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