Homework Answers
| Answer | ||
| Cash flows from operating activities | ||
| Amount in $ | Amount in $ | |
| Net income | $ 100,000 | |
| Cash flows from operating activities | ||
| Adjustments: | ||
| Depreciation - Non Cash Expenses | $ 50,000 | |
| Decrease in Account receivables | $ 4,000 | |
| Increase in inventory | - 20,000 | |
| Decrease in prepaid rent | $ 2,000 | |
| Increase in Account Payable | $ 8,000 | |
| Decrease in income tax payable | - 5,000 | |
| $ 39,000 | ||
| Net cash Flow from operating activities | $ 139,000 | |
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PEACH COMPUTER Income Statement For the year ended December 31202 Net sales $1,800,000 Expenses Cost of...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,675,000 Expenses: Cost of goods sold $1,000,000 Operating expenses 510,000 Depreciation expense 45,000 Income tax expense 35,000 Total expenses 1,590,000 Net income $ 85,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $97,000 46,500 70,000 2,500 40,000 4,500 $82,500 51,500 52,500 4,000 34,500 7,500...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,950,000 Expenses: Cost of goods sold $1,110,000 Operating expenses 620,000 Depreciation expense 56,000 Income tax expense 46,000 Total expenses 1,832,000 Net income $ 118,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $108,000 45,600 81,000 3,600 51,000 5,600 2020 $88,000 52,000 58,000 6,200 40,000...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods $1,150,000 sold Operating 660,000 expenses Depreciation 60,000 expense Income tax 50,000 expense Total 1,920,000 expenses Net income $ 130,000 (D) PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease 2021 2020 Cash $112,000 $90,000 $22,000 (I) Accounts 46,000 54,000 8,000 (D) receivable Inventory 85,000 60,000 25,000 (I) Prepaid...
Portions of the financial statements for Peach Computer are provided below. sold PEACH COMPUTER Income Statement...
Portions of the financial statements for Peach Computer are provided below. sold PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: cost of goods $1,150,000 Operating 660,000 expenses Depreciation 60,000 expense Income tax 50,000 expense Total 1,920,000 expenses Net income $ 130,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease 2021 2020 (D) Cash $112,000 $90,000 $22,000 (I) Accounts 46,000 54,000 8,000 (D) receivable Inventory 85,000 60,000 25,000 (I) Prepaid...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $ 1,875,000 Expenses: Cost of goods sold $ 1,080,000 Operating expenses 590,000 Depreciation expense 53,000 Income tax expense 43,000 Total expenses 1,766,000 Net income $ 109,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 105,000 $ 86,500 $ 18,500 (I) Accounts receivable 45,300 50,500 5,200 (D) Inventory...
Portions of the financial statements for Peach Computer are provided below. Book PEACH COMPUTER Income Statement...
Portions of the financial statements for Peach Computer are provided below. Book PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,875,000 Bxpenses Cost of goods 1.080,000 bold Operating 590,000 expenses Depreciation 53,000 expense Income tax 43,000 expense Total expenses eferences PEACH COMPUTER Selected Balance sheet Data December Recount Eeeeeee 2020 Degree $105,000 586,500 $13,500 TL 5,300 50, 5005 , 2002 76,000 56,500 21,500 IT 2005 ,600 2.300 400036500 300 2000 Prepare the operating activities section...
Please explain. Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income...
Please explain.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Coat of goods sold $1,150,000 Operating expenses 660,000 Depreciation expense 60,000 Income tax expense 50,000 Total expenses 1,920,000 Net income $ 130,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $112,000 46,000 85,000 4.000 55,000 6,000 2020 $90,000 54,000 60,000...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
1.2. Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement...
1.2.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,775,000 Expenses: Cost of goods sold $1,040,000 Operating expenses 550,000 Depreciation expense 49,000 Income tax expense 39,000 Total expenses 1,678,000 Net income $ 97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $ 101,000 46,100 74,000 2,900 44,000 4,900 2020...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,675,000 Expenses: Cost of goods sold $1,000,000 Operating expenses 510,000 Depreciation expense 45,000 Income tax expense 35,000 Total expenses 1,590,000 Net income $ 85,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $97,000 46,500 70,000 2,500 40,000 4,500 $82,500 51,500 52,500 4,000 34,500 7,500...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,950,000 Expenses: Cost of goods sold $1,110,000 Operating expenses 620,000 Depreciation expense 56,000 Income tax expense 46,000 Total expenses 1,832,000 Net income $ 118,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $108,000 45,600 81,000 3,600 51,000 5,600 2020 $88,000 52,000 58,000 6,200 40,000...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Cost of goods $1,150,000 sold Operating 660,000 expenses Depreciation 60,000 expense Income tax 50,000 expense Total 1,920,000 expenses Net income $ 130,000 (D) PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease 2021 2020 Cash $112,000 $90,000 $22,000 (I) Accounts 46,000 54,000 8,000 (D) receivable Inventory 85,000 60,000 25,000 (I) Prepaid...
Portions of the financial statements for Peach Computer are provided below. sold PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: cost of goods $1,150,000 Operating 660,000 expenses Depreciation 60,000 expense Income tax 50,000 expense Total 1,920,000 expenses Net income $ 130,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Decrease 2021 2020 (D) Cash $112,000 $90,000 $22,000 (I) Accounts 46,000 54,000 8,000 (D) receivable Inventory 85,000 60,000 25,000 (I) Prepaid...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
Portions of the financial statements for Peach Computer are provided below. Book PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,875,000 Bxpenses Cost of goods 1.080,000 bold Operating 590,000 expenses Depreciation 53,000 expense Income tax 43,000 expense Total expenses eferences PEACH COMPUTER Selected Balance sheet Data December Recount Eeeeeee 2020 Degree $105,000 586,500 $13,500 TL 5,300 50, 5005 , 2002 76,000 56,500 21,500 IT 2005 ,600 2.300 400036500 300 2000 Prepare the operating activities section...
Please explain.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $2,050,000 Expenses: Coat of goods sold $1,150,000 Operating expenses 660,000 Depreciation expense 60,000 Income tax expense 50,000 Total expenses 1,920,000 Net income $ 130,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $112,000 46,000 85,000 4.000 55,000 6,000 2020 $90,000 54,000 60,000...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
1.2.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,775,000 Expenses: Cost of goods sold $1,040,000 Operating expenses 550,000 Depreciation expense 49,000 Income tax expense 39,000 Total expenses 1,678,000 Net income $ 97,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable 2021 $ 101,000 46,100 74,000 2,900 44,000 4,900 2020...
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