- C newconnect.mheuation.com/flow/connect.html Chapter 11 HW Portions of the financial statements for Alliance Technologies are provided below. . 3.75 $405, eee Skoped ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2821 Net sales Expenses: Cost of goods sold $235.000 Operating expenses 70,000 Depreciation expense 17.00 Income tax expense 27,000 Total expenses Net income 349,000 $ 56, eee $7,000 References 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 6,00 24,000 Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the direct method. (List cash outflows as negative amounts.) ALLIANCE TECHNOLOGIES Statement of Cash Flows partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities