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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