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The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Peach Computers. The
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Peach Computers.
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below $ in millions) for Peach Computers PEACH COMPUTERS Income Statement For the Year Ended December 31, 2018 335.0 (134.0) Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense 201.0 $37.0 14.0 6.0 4.0 61.0 140.0 (70.0) $ 70.0 Net income Reconciliation of Net Income To Net Cash Flows from Operating Activities 70.0 Net income Adjustments for noncash effects: Depreciation expense Loss on sale of land 6.0 Changes in operating assets and liabilities: Decrease in accounts receivable Increase in Decrease in accounts payable Increase in salaries payable Decrease Increase in income tax payable 8.0 (23.0) (14.0) 9.0 10.0 67.6 inventory in prepaid insurance $137.6 Net cash flows from operating activities Complete this question by entering your answers in the tabs below. Required 1Required 2 Calculate each of the following amounts for Peach Computers: (Enter your answers in millions rounded to 1 decimal place i.e., 5,500,000 should be entered as 5.5). Cash outflows must be indicated with a minus sign.) Increase (Decrease in Cash a Cash received from customers during the reporting period. b.Cash paid to suppliers of goods during the reporting period. c. Cash paid to employees during the reporting period. d.Cash paid for insurance during the reporting period. e. Cash paid for income taxes during the reporting period. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Net cash flows from operating activities KRequired 1 Required2 The income statement and a schedule reconciling cash flows from operating activities to net income are provided below $ in millions) for Peach Computers PEACH COMPUTERS Income Statement For the Year Ended December 31, 2018 335.0 (134.0) Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense 201.0 $37.0 14.0 6.0 4.0 61.0 140.0 (70.0) $ 70.0 Net income Reconciliation of Net Income To Net Cash Flows from Operating Activities 70.0 Net income Adjustments for noncash effects: Depreciation expense Loss on sale of land 6.0 Changes in operating assets and liabilities: Decrease in accounts receivable Increase in Decrease in accounts payable Increase in salaries payable Decrease Increase in income tax payable 8.0 (23.0) (14.0) 9.0 10.0 67.6 inventory in prepaid insurance $137.6 Net cash flows from operating activities Complete this question by entering your answers in the tabs below. Required 1Required 2 Calculate each of the following amounts for Peach Computers: (Enter your answers in millions rounded to 1 decimal place i.e., 5,500,000 should be entered as 5.5). Cash outflows must be indicated with a minus sign.) Increase (Decrease in Cash a Cash received from customers during the reporting period. b.Cash paid to suppliers of goods during the reporting period. c. Cash paid to employees during the reporting period. d.Cash paid for insurance during the reporting period. e. Cash paid for income taxes during the reporting period. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Net cash flows from operating activities KRequired 1 Required2Step by Step Solution
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