period. d. Cash paid for insurance during the reporting period. e. Cash paid for income taxes during the reporting period. < Required 1 $13.0 $ 13.6 Required 2 >
period. d. Cash paid for insurance during the reporting period. e. Cash paid for income taxes during the reporting period. < Required 1 $13.0 $ 13.6 Required 2 >
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 1ANFS
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Question
Please do not Give image format
Transcribed Image Text:Required:
1. Calculate each of the following amounts for Peach Computers.
2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method).
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required Required
2
Calculate each of the following amounts for Peach Computers.
Note: Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be
entered as 5.5).
a. Cash received from customers during the
reporting period.
b. Cash paid to suppliers of goods during the
reporting period.
c. Cash paid to employees during the reporting
period.
d. Cash paid for insurance during the reporting
period.
e. Cash paid for income taxes during the
reporting period.
< Required 1
Required Required
1
Show Transcribed Text
2. Prepare the casn nows from operating activities section or the statement or casn nows (direct metnoa).
Cash Flows from Operating
Activities:
Cash received from
$ 439.0
$ 255.0
$28.0
$ 13.0
$13.6
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
customers
Cash paid to suppliers
✓
Cash paid to employees ✓
Cash paid for insurance
✓
Cash paid for income taxes ✔
Prepare the cash flows from operating activities section of the statement of cash flows
(direct method).
Note: Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be
entered as 5.5). Cash outflows should be indicated with a minus sign.
Show less A
Net cash flows from operating
activities
Required 2 >
$ 439.0
(255.0)
(28.01
(13.0)
(13.6 x
$ 129.4
Show less A
< Required 1
O
Required 2 >
Transcribed Image Text:The income statement and a schedule reconciling cash flows from operating activities to net income are provided
below ($ in thousands) for Peach Computers:
PEACH COMPUTERS
Income Statement
For the Year Ended December
Sales
Cost of goods sold
Gross margin
Salaries expense $ 49.0
26.0
Insurance expense
Depreciation
12.0
10.0
expense
Loss on sale of
land
Income before tax
Income tax expense
Net income
31, 2024
$425.0
(170.0)
255.0
97.0
158.0
(79.0)
$79.0
Reconciliation of Net Income
To Net Cash Flows from Operating Activities
Net income
$ 79.0
Adjustments for Noncash Effects
Depreciation expense
Loss on sale of land
Changes in operating assets and
liabilities:
Decrease in accounts receivable
Increase in inventory
Decrease in accounts payable
Increase in salaries payable
Decrease in prepaid insurance
Increase in income tax payable.
Net cash flows from operating
activities
12.0
10.0
14.0
(53.0)
(32.0)
21.0
13.0
75.4
$ 139.4
Required:
1. Calculate each of the following amounts for Peach Computers.
2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method).
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