Portions of the financial statements for Peach Computer are provided below. ...
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Accounting
Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Net sales
$1,950,000
Expenses:
Cost of goods sold
$1,110,000
Operating expenses
620,000
Depreciation expense
56,000
Income tax expense
46,000
Total expenses
1,832,000
Net income
$118,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
2023
Increase (I) or Decrease (D)
Cash
$108,000
$88,000
$20,000
(I)
Accounts receivable
45,600
52,000
6,400
(D)
Inventory
81,000
58,000
23,000
(I)
Prepaid rent
3,600
6,200
2,600
(D)
Accounts payable
51,000
40,000
11,000
(I)
Income tax payable
5,600
13,000
7,400
(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 \begin{tabular}{|l|l|l|} \hline Cash flows from operating activities & & \\ \hline & & \\ \hline Net cash flows from operating activities & & \\ \hline \end{tabular}
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