Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2015 Net sales $2,000,000

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2015 Net sales $2,000,000 Expenses: Cost of goods sold $1,130,000 Operating expenses 640,000 Depreciation expense 58,000 Income tax expense 48,000 Total expenses 1,876,000 Net income $ 124,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2015 2014 Increase (I) or Decrease (D) Cash $110,000 $89,000 $21,000 (I) Accounts receivable 45,800 53,000 7,200 (D) Inventory 83,000 59,000 24,000 (I) Prepaid rent 3,800 6,600 2,800 (D) Accounts payable 53,000 41,000 12,000 (I) 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 indirect method. (List cash outflows and any decrease in cash as negative amounts.)

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

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

A Sneak Peek Into The Auditing World A Day Of An Auditor

Authors: Anupma Aggarwal, Adv (Dr.) Raj Kumar S Adukia

1st Edition

ISBN: 1648997074, 978-1648997075

More Books

Students also viewed these Accounting questions

Question

=+8.3(i)). If j is transient, then fi= C PH) /(1+2 Pc)

Answered: 1 week ago

Question

10-9 How have social technologies changed e-commerce?

Answered: 1 week ago