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.)
 

Transcribed Image Text:

The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 93,000 Expenses Cost of goods sold Depreciation expense Salaries expense $ 51,875 6,000 12,000 69,875 Net income $ 23,125 Current Partial Balance Sheet Prior year year $ 10,500 $ 11,000 13,000 2,250 Accounts receivable Inventory Salaries payable 8,000 800 The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 93,000 Expenses Cost of goods sold Depreciation expense Salaries expense $ 51,875 6,000 12,000 69,875 Net income $ 23,125 Current Partial Balance Sheet Prior year year $ 10,500 $ 11,000 13,000 2,250 Accounts receivable Inventory Salaries payable 8,000 800

Answer rating: 100% (QA)

Required Answer Cash flows from Operating activ... View the full answer