Business, 11.05.2021 22:30 coltonstevens15

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,950,000 Expenses: Cost of goods sold $1,110,000 Operating expenses 620,000 Depreciation expense 56,000 Income tax expense 46,000 Total expenses 1,832,000 Net income $ 118,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2018 2017 Increase (I) or Decrease (D) Cash $108,000 $88,000 $20,000 (I) Accounts receivable 45,600 52,000 6,400 (D) Inventory 81,000 58,000 23,000 (I) Prepaid rent 3,600 6,200 2,600 (D) Accounts payable 51,000 40,000 11,000 (I) Income tax payable 5,600 13,000 7,400 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.)

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Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income St...

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