Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement...
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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, 2015 $1,650,000 Net sales Expenses Cost of goods sold $990,000 500,000 Operating expenses 44,000 Depreciation expense 34,000 ncome tax expense 1,568,000 Total expenses 82,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) 2015 2014 Decrease (D) Cash $96,000 $82,000 $14,000 (l) Accounts receivable 46,600 52,000 5,400 (D) Inventory 69,000 52,000 17,000 (l) 2,400 3,800 1,400 (D) 39,000 34,000 5,000 (l) Prepaid rent Accounts payable Income tax payable 4,400 7,000 2,600 (D) Required Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2015 Cash flows from operating activities: Net cash flows from operating activities
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