please answer do not image format Portions of the financial statements for Peach Computer are provided below.Net sales.Expenses:PEACH COMPUTERIncome StatementFor the year ended December 31, 2024Cost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expensesNet incomeCashAccounts receivableInventoryPrepaid rentAccounts payableIncome tax payablePEACH COMPUTERSelected Balance Sheet DataDecember 312024$97,00046,50070,0002,50040,0004,500$1,000,000510,00045,00035,000Cash flows from operating activities2023$82,50051,50052,5004,000Net cash flows from operating activities34,5007,500PEACH COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024$1,675,0001,590,000$85,000Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to bededucted should be indicated with a minus sign.)Increase (I) orDecrease (D)$14,500(1)5,000 (D)Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to bededucted should be indicated with a minus sign.)17,500 (1)1,500 (D)5,500 (1)3,000 (D)

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 34,500 7,500 Net cash flows from operating activities PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 1,590,000 $85,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Increase (I) or Decrease (D) $14,500 (1) 5,000 (D) 17,500 (1) 1,500 (D) (1) 5,500 3,000 (D)

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2024 $97,000 46,500 70,000 2,500 40,000 4,500 $1,000,000 510,000 45,000 35,000 Cash flows from operating activities 2023 $82,500 51,500 52,500 4,000 34,500 7,500 Net cash flows from operating activities PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $1,675,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 1,590,000 $85,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Increase (I) or Decrease (D) $14,500 (1) 5,000 (D) 17,500 (1) 1,500 (D) (1) 5,500 3,000 (D)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,100,000 610,000 55,000 45,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) (D) 6,000 22,500 (I 2,500 (D) 10,500 (I) 7,000 (D)
A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,242. Ending inventory was $1,594. Note: Input all amounts as positive values. Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense HANSEN REALTY Income Statement For Year Ended December 31, 2023 Gross profit from sales Operating expenses: $ 34,300 1,086 1,146 10,212 Total operating expenses 534 109 4,900 2,300 204 244 174
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es Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 0 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense 2-a. Gross Profit 2-b. Gross Profit Percentage $ 169,000 18,940 248,000 43,600 19,400 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) % 7,290 41,800
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Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $ 150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $ 255 990 2,140 $ 3,385 3,680 $ 7,065 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings BOLSA- How many dollars of sales were generated from every dollar of fixed assets during 2021? دا 2020 $1,735 890 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,065
Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $255 990 2,140 $ 3,385 3,680 $7,065 Accounts payable Long-term debt. Common stock. Retained earnings Total liabilities & equity. How many dollars of sales were generated from every dollar of fixed assets during 2021? 2028 $ 1,735 899 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,965