Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31,

image

Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $1,650,000 $990,000 500,000 44,000 34,000 1,568,000 $82,000 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2024 $96,000 2023 $82,000 $14,000 Decrease (D) (I) 46,600 52,000 5,400 (D) 69,000 52,000 17,000 (I) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (I) 4,400 7,009 2,600 (D) 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, 2024 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

Answer 1 Using the original information provided a Budgeted Cash Collections Cash Sales in October 380000 35 133000 Credit Sales in October 380000 65 ... 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

Step: 3

blur-text-image

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

Financial Accounting

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

3rd edition

9780077506902, 78025540, 77506901, 978-0078025549

More Books

Students also viewed these Accounting questions

Question

6 6 8 . .

Answered: 1 week ago