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zysi [14]
3 years ago
13

The following information pertains to Peak Heights Company:

Business
1 answer:
Delvig [45]3 years ago
5 0

Answer:

Peak Heights Company

PEAK HEIGHTS COMPANY

Statement of Cash Flows

Operating Activities Section

Net income                                             $15,625

Non-cash flow: Depreciation                    6,700

Changes in working capital:

Accounts receivable                              -$4,400

Inventory                                                   4,000

Salaries payable                                          750

Net cash from operating activities     $22,675

Explanation:

A) Data and Calculations:

Peak Heights Company:

Income Statement for Current Year

Sales                                                        $85,900

Expenses Cost of goods sold $51,675

Depreciation expense                6,700

Salaries expense                       11,900    70,275

Net income                                             $15,625

Partial Balance Sheet   Current year   Prior year    Changes

Accounts receivable         $9,800         $14,200     -$4,400

Inventory                             13,100             9,100         4,000

Salaries payable                  1,620                870            750

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