Required: Present the operating activities section of the statement of cash flows for Peak Heights...
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Accounting
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Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method. (List cash outflows as negative amounts.)
The following information pertains to Peak Heights Company: Income Statement for Current Year $85,600 Sales Expenses Cost of goods sold Depreciation expense Salaries expense $51,775 7,400 10,200 69,375 $16,225 Net income Partial Balance Prior Current Sheet year year Accounts receivable $ 10,300 $ 14,400 14,000 1,720 Inventory Salaries payable 8,400 950 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method. outflows as negative amounts.) Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method. outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: $ 89,700 Cash collected from customers Cash payments to employees (57,375) Cash payments to suppliers of inventory (9,430) $ 22,895 Net cash provided by operating activities *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted
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