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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 31, 2024 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense Net income $ 55.0 32.0 15.0 13.0 Net income 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 Reconciliation of Net Income To Net Cash Flows from Operating Activities Increase in salaries payable Decrease in prepaid insurance Increase in income tax payable Net cash flows from operating activities $ 470.0 (282.0) 188.e 115.0 73.0 (36.5) $36.5 Required 1 Required 2 $36.5 15.0 13.0 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). 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 17.0 (68.0) (41.0) 27.0 Complete this question by entering your answers in the tabs below. S S 14.5 32.3 $ 46.3 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). 453.0 391.0 Required 2 >

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 31, 2024 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense Net income $ 55.0 32.0 15.0 13.0 Net income 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 Reconciliation of Net Income To Net Cash Flows from Operating Activities Increase in salaries payable Decrease in prepaid insurance Increase in income tax payable Net cash flows from operating activities $ 470.0 (282.0) 188.e 115.0 73.0 (36.5) $36.5 Required 1 Required 2 $36.5 15.0 13.0 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). 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 17.0 (68.0) (41.0) 27.0 Complete this question by entering your answers in the tabs below. S S 14.5 32.3 $ 46.3 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). 453.0 391.0 Required 2 >

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 20E
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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 31, 2024 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense Net income $ 55.0 32.0 Decrease in accounts receivable Increase in inventory Decrease in accounts payable Increase in salaries payable 15.0 13.0 Net income Adjustments for Noncash Effects Depreciation expense Loss on sale of land Changes in operating assets and liabilities: Reconciliation of Net Income To Net Cash Flows from Operating Activities Decrease in prepaid insurance Increase in income tax payable Net cash flows from operating activities $ 470.0 (282.0) 188.0 Required 1 115.0 73.0 (36.5) $36.5 $36.5 15.0 13.0 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). 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 17.0 (68.0) (41.0) 27.0 Complete this question by entering your answers in the tabs below. S S 14.5 32.3 $ 46.3 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). 453.0 391.0 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 31, 2024 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Loss on sale of land Income before tax Income tax expense Net income $ 55.0 32.0 Decrease in accounts receivable Increase in inventory Decrease in accounts payable Increase in salaries payable 15.0 13.0 Net income Adjustments for Noncash Effects Depreciation expense Loss on sale of land Changes in operating assets and liabilities: Reconciliation of Net Income To Net Cash Flows from Operating Activities Decrease in prepaid insurance Increase in income tax payable Net cash flows from operating activities $ 470.0 (282.0) 188.0 Required 1 115.0 73.0 (36.5) $36.5 $36.5 15.0 13.0 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). 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 17.0 (68.0) (41.0) 27.0 Complete this question by entering your answers in the tabs below. S S 14.5 32.3 $ 46.3 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). 453.0 391.0 Required 2 >
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