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Posted: Thu May 19, 2022 2:20 pm
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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, 2024 Net sales $1,750,000 Expenses Cost of goods sold $1,030,000 Operating expenses 540,000 Depreciation expense 48,000 Income tax expense 38,000 Total expenses 1,656,000 Net income $94,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $100,000 46,200 73,000 2,800 43,000 4.800 2023 584,000 50,000 54.000 4.600 36.000 9.000 Increase (1) or Decrease (D) $16,000 (1) 3,800 (D) 19,000 (I) 1,800 (D) 7.000 (I) 4.200 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. IAmounts 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 Not income $ 94.000 Depreciation expense 48.000
48,000 38,000 Depreciation expense Income tax expense Total expenses Net income 1,656,000 $94,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $100,000 46,200 73,000 2,800 43,000 4,800 2023 $84,000 50,000 54,000 4.600 36,000 9,000 Increase (I) or Decrease (D) $16,000 (1) 3,800 (D) 19,000 (I) 1.800 (D) 7,000 4,200 (1) (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct 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 Net income $ 94,000 Depreciation expense 48,000 (19.000) 7,000 (4,200) Net cash flows from operating activities S 125,800
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48,000 38,000 Depreciation expense Income tax expense Total expenses Net income 1,656,000 $94,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $100,000 46,200 73,000 2,800 43,000 4,800 2023 $84,000 50,000 54,000 4.600 36,000 9,000 Increase (I) or Decrease (D) $16,000 (1) 3,800 (D) 19,000 (I) 1.800 (D) 7,000 4,200 (1) (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct 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 Net income $ 94,000 Depreciation expense 48,000 (19.000) 7,000 (4,200) Net cash flows from operating activities S 125,800