Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense PEACH COMPUTER Income Statement For the year ended December 31, 2024 Income tax expense Total expenses Net income Cash Accounts receivable: Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 $990,000 500,000 44,000 34,000 2,400 39,000 4,400 2023 $82,000 $2,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (1) or Decrease (D) $14,000 (1) 5,400 (0) 17,000 (1) 1,400 (D) 5,000 (1) 2,600 (D) 27
Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense PEACH COMPUTER Income Statement For the year ended December 31, 2024 Income tax expense Total expenses Net income Cash Accounts receivable: Inventory Prepaid rent Accounts payable Income tax payable Required: PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 $990,000 500,000 44,000 34,000 2,400 39,000 4,400 2023 $82,000 $2,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (1) or Decrease (D) $14,000 (1) 5,400 (0) 17,000 (1) 1,400 (D) 5,000 (1) 2,600 (D) 27
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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![Mc
Graw
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
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
$96,000
46,600
69,000
2,400
39,000
4,400
$990,000
500,000
44,000
34,000
Cash Slows from operating activities
Cash received from customers
Cash paid to suppliers
Cash paid for operating expenses
Cash paid for income taxes
Depreciation expense
2023
$82,000
$2,000
52,000
3,000
34,000
7,000
PEACH COMPUTER
Statement of Cash Flows (partial)
For the Year Ended December 31, 2024
Net cash flows from operating activities
$1,650,000
1,568,000
$82,000
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 (1) or
Decrease (D)
$14,000 (1)
5,400 (0)
17,000 (1)
(0)
(1)
2,600 (0)
1,400
5,000
S
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Transcribed Image Text:Mc
Graw
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
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
$96,000
46,600
69,000
2,400
39,000
4,400
$990,000
500,000
44,000
34,000
Cash Slows from operating activities
Cash received from customers
Cash paid to suppliers
Cash paid for operating expenses
Cash paid for income taxes
Depreciation expense
2023
$82,000
$2,000
52,000
3,000
34,000
7,000
PEACH COMPUTER
Statement of Cash Flows (partial)
For the Year Ended December 31, 2024
Net cash flows from operating activities
$1,650,000
1,568,000
$82,000
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 (1) or
Decrease (D)
$14,000 (1)
5,400 (0)
17,000 (1)
(0)
(1)
2,600 (0)
1,400
5,000
S
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