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 | $1,650,000 | |
|---|---|---|
| Expenses: | ||
| Cost of goods sold | $990,000 | |
| Operating expenses | 500,000 | |
| Depreciation expense | 44,000 | |
| Income tax expense | 34,000 | |
| Total expenses | 1,568,000 | |
| Net income | $82,000 | |
| PEACH COMPUTER | ||||
| Selected Balance Sheet Data | ||||
| December 31 | ||||
| 2024 | 2023 | Increase (I) or Decrease (D) | ||
|---|---|---|---|---|
| Cash | $96,000 | $82,000 | $14,000 | (I) |
| Accounts receivable | 46,600 | 52,000 | 5,400 | (D) |
| Inventory | 69,000 | 52,000 | 17,000 | (I) |
| Prepaid rent | 2,400 | 3,800 | 1,400 | (D) |
| Accounts payable | 39,000 | 34,000 | 5,000 | (I) |
| 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 indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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