The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 86,500...
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The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 86,500 Expenses Cost of goods sold Depreciation expense Salaries expense $51,675 6,800 11,500 69,975 Net income $ 16,525 Current Prior Partial Balance Sheet year $10,000 $ 14,900 12,000 year Accounts receivable Inventory Salaries payable 9,800 1,620 840 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Net income $ 16,525 Depreciation expense 6,800 Accounts receivable decrease 4,900 Inventory increase (2,200) The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 86,500 Expenses Cost of goods sold Depreciation expense Salaries expense $51,675 6,800 11,500 69,975 Net income $ 16,525 Current Prior Partial Balance Sheet year $10,000 $ 14,900 12,000 year Accounts receivable Inventory Salaries payable 9,800 1,620 840 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Net income $ 16,525 Depreciation expense 6,800 Accounts receivable decrease 4,900 Inventory increase (2,200)
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PEAK HEIGHTS COMPANY Statement of Cash FlowsPartial Cash flows from operating ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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