The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost...

 

Transcribed Image Text:

The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold $ 51,775 expense $ 86,300 Depreciation 7,600 Salaries expense 10,300 69,675 Net income $ 16,625 Partial Balance Sheet Current year Prior year Accounts receivable $ 9,800 $ 15,300 Inventory Salaries payable 12,200 1,570 9,400 870 es Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Net income Depreciation expense Accounts receivable decrease Inventory increase Salaries payable increase $ 16,625 7,600 5,500 (2,800) 700 The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold $ 51,775 expense $ 86,300 Depreciation 7,600 Salaries expense 10,300 69,675 Net income $ 16,625 Partial Balance Sheet Current year Prior year Accounts receivable $ 9,800 $ 15,300 Inventory Salaries payable 12,200 1,570 9,400 870 es Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Net income Depreciation expense Accounts receivable decrease Inventory increase Salaries payable increase $ 16,625 7,600 5,500 (2,800) 700

Answer rating: 100% (QA)

PEAK HEIGHTS COMPANY Statement of Cash Flows Partial Cash flows from operating activities Net income ... View the full answer