Denger Portions of the financial statements for Peach Computer are provided below.Assessment Tool iFramePEACH COMPUTERIncome StatementFor the year ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeCashAccounts receivableInventoryPrepaid rentAccounts payableIncome tax payablePEACH COMPUTERSelected Balance Sheet DataDecember 312024$96,00046,60069,0002,40039,0004,400$990,000500,00044,00034,000Cash flows from operating activities2023$82,00052,00052,0003,80034,0007,000PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024Net cash flows from operating activities$1,650,0001,568,000$82,000Increase (I) orDecrease (D)$14,000Required: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.)(I)5,400(D)17,000(I)1,400 (D)5,000 (I)2,600(D)$0

CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…

Portions of the financial statements for Peach Computer are provided below. Assessment Tool iFrame Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 2,400 39,000 4,400 $990,000 500,000 Cash flows from operating activities 44,000 34,000 Net cash flows from operating activities 2023 $82,000 52,000 52,000 3,800 34,000 7,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,650,000 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.) 1,568,000 $82,000 Increase (I) or Decrease (D) $14,000 (I) 5,400 (D) 17,000 (I) 1,400 (D) 5,000 (I) 2,600 (D) $

Portions of the financial statements for Peach Computer are provided below. Assessment Tool iFrame Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 2,400 39,000 4,400 $990,000 500,000 Cash flows from operating activities 44,000 34,000 Net cash flows from operating activities 2023 $82,000 52,000 52,000 3,800 34,000 7,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,650,000 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.) 1,568,000 $82,000 Increase (I) or Decrease (D) $14,000 (I) 5,400 (D) 17,000 (I) 1,400 (D) 5,000 (I) 2,600 (D) $

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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