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PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $1,150,000 660,000 60,000 50,000 1,920,000 $ 130,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) $112,000 $90,000 54,000 60,000 7,000 42,000 15,000 $22,000 (I) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (1) 9,000 (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 46,000 85,000 4,000 55,000 6,000

PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $1,150,000 660,000 60,000 50,000 1,920,000 $ 130,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) $112,000 $90,000 54,000 60,000 7,000 42,000 15,000 $22,000 (I) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (1) 9,000 (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 46,000 85,000 4,000 55,000 6,000

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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Portions of the financial statements for Peach Computer are provided below.

Required:
Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method.

PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $1,150,000 660,000 60,000 50,000 1,920,000 $ 130,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) $112,000 $90,000 54,000 60,000 7,000 42,000 15,000 $22,000 (I) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (1) 9,000 (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 46,000 85,000 4,000 55,000 6,000
Transcribed Image Text:PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $1,150,000 660,000 60,000 50,000 1,920,000 $ 130,000 Net income PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) $112,000 $90,000 54,000 60,000 7,000 42,000 15,000 $22,000 (I) 8,000 (D) 25,000 (I) 3,000 (D) 13,000 (1) 9,000 (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 46,000 85,000 4,000 55,000 6,000
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