The following information pertains to Peak Heights Company: Income Statement...
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Accounting
The following information pertains to Peak Heights Company:
Income Statement for Current Year
Sales
$
85,500
Expenses
Cost of goods sold
$
51,675
Depreciation expense
8,200
Salaries expense
10,700
70,575
Net income
$
14,925
Partial Balance Sheet
Current year
Prior year
Accounts receivable
$
11,300
$
14,300
Inventory
12,600
9,100
Salaries payable
1,680
1,000
Required:
Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.)
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