Refer to the information for Peak Heights Company in Exercise 12-7. Data from In Exercise 12-7 The
Question:
Refer to the information for Peak Heights Company in Exercise 12-7.
Data from In Exercise 12-7
The following information pertains to Peak Heights Company:
Required:
Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method.
Transcribed Image Text:
Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $51,875 6,000 12,000 Current Year $10,500 13,000 2,250 $93,000 69,875 $23,125 Prior Year $12,000 8,000 800
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Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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