Portions of the financial statements for Peach Computer are provided below PEACH

Question

Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2012 Revenues Expenses $1,870,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,000,000 557,000 51,000 34,000 Total expenses 1,642,000 Net income $ 228,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2011 Decrease (D) $98,000$90,000 $8,000 (1) 48,400 2,600(D) 74,400 55,600 18,800 (I) 6,200 4,000 (D) 7,100 (I) 9,200 3,700 (D) 2012 Cash Accountsr Inventory Prepaid rent Accounts payable Income tax payable 45,800 2,200 44,100 5,500 37,000

Explanation / Answer

Particulars Amount Net amount as per profit and loss 228000 Add: Non Cash Expense Depreciation 51000 Change in current assets / Liabilities Add: Decrease in assets / Increase in liabilities Accounts Receivable 2600 Prepaid rent 4000 Accounts payable 7100 Less: Increase in assets/ decrease in liabilities Inventory 18800 Income tax payable 3700 Net Cash flow from operating activities 270200

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