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The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in thousands) for Peach Computers. PEACH
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in thousands) for Peach Computers. PEACH COMPUTERS Income Statement For the Year Ended December 31, 2021 Sales $ 395.0 Cost of (158.0) goods sold Gross 237.0 margin Salaries $ 45.0 expense Insurance 22.0 expense Depreciation 10.0 8.0 85.0 expense Loss on sale of land Income before tax Income tax expense Net income 152.0 (76.0) $ 76.0 Reconciliation of Net Income To Net Cash Flows from Operating Activities Net income $ 76.0 Adjustments for Noncash Effects Depreciation expense 10.0 Loss on sale of land - 8.0 Changes in operating assets and liabilities: Decrease in accounts 12.0 receivable Increase in inventory (43.0) Decrease in accounts (26.0) payable Increase in salaries 17.0 payable Decrease in prepaid 12.0 insurance Increase in income tax 72.8 payable Net cash flows from $ 138.8 operating activities Required: 1. Calculate each of the following amounts for Peach Computers. 2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method). Complete this question by entering your answers in the tabs below. Required Required 1 Calculate each of the following amounts for Peach Computers. (Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Cash outflows must be indicated with a minus sign.) Show less Cash received from customers during the reporting period. Cash paid to suppliers of goods during the reporting period. Cash paid to employees during the reporting period. Cash paid for insurance during the reporting period. Cash paid for income taxes during the reporting period. Required 1 Required 2 >
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