Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $365,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $215,000 66,000 16,600 25,000 Total expenses 322,600 Net income $ 42,400 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 $ 6,600 13,600 9,600 5,600 8,600 22,400

Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $365,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $215,000 66,000 16,600 25,000 Total expenses 322,600 Net income $ 42,400 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 $ 6,600 13,600 9,600 5,600 8,600 22,400

Name: Prepare the operating activities section of the statement of cash flo
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Description: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cashoutflows and any decrease in cash as negative amounts.)ALLIANCE TECHNOLOGIESStatement of Cash Flows (partial)For t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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