Portions of the financial statements for Alliance Technologies are provided bel ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $375,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $220,000 67,000 16,700 25,500 Total expenses 329, 200 $ 45,800 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 $ 6,700 13,700 9,700 5,700 8,700 22,800
Portions of the financial statements for Alliance Technologies are provided bel ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $375,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $220,000 67,000 16,700 25,500 Total expenses 329, 200 $ 45,800 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 $ 6,700 13,700 9,700 5,700 8,700 22,800
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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![Portions of the financial statements for Alliance Technologies are provided bel
ALLIANCE TECHNOLOGIES
Income Statement
For the year ended December 31, 2021
Net sales
$375,000
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
$220,000
67,000
16,700
25,500
329, 200
$ 45,800
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
$ 6,700
13,700
9,700
5,700
8,700
22,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18c55783-1b67-4b0f-ad65-4801df3d491b%2F940ce6c2-5af3-4c32-b0b3-e78eff0363f0%2Fy5uhn8t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Portions of the financial statements for Alliance Technologies are provided bel
ALLIANCE TECHNOLOGIES
Income Statement
For the year ended December 31, 2021
Net sales
$375,000
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
$220,000
67,000
16,700
25,500
329, 200
$ 45,800
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
$ 6,700
13,700
9,700
5,700
8,700
22,800
![ALLIANCE TECHNOLOGIES
Statement of Cash Flows (partial)
For the Year Ended December 31, 2021
Cash Flows from Operating Activities:
Adjustments to reconcile net income to net cash flows from operating activities
Net cash flows from operating activities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18c55783-1b67-4b0f-ad65-4801df3d491b%2F940ce6c2-5af3-4c32-b0b3-e78eff0363f0%2F6t9qk4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ALLIANCE TECHNOLOGIES
Statement of Cash Flows (partial)
For the Year Ended December 31, 2021
Cash Flows from Operating Activities:
Adjustments to reconcile net income to net cash flows from operating activities
Net cash flows from operating activities
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