Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Problem 11-3A Calculate operating activities-indirect method (L011-3) Portions of the financial statements for Alliance Technologies are provided below. $325,000 ALLIANCE TECHNOLOGIES Income

image text in transcribed

Check my work Problem 11-3A Calculate operating activities-indirect method (L011-3) Portions of the financial statements for Alliance Technologies are provided below. $325,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $195,000 Operating expenses 62,000 Depreciation expense 16,200 Income tax expense 23,000 Total expenses Net income 296, 200 $ 28,800 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 $ 6,200 13,200 9,200 5,200 8,200 20,800 Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investing In People Financial Impact Of Human Resource Initiatives

Authors: John W. Boudreau, Wayne F. Cascio, Alexis A. Fink

3rd Edition

1586446096, 978-1586446093

More Books

Students also viewed these Accounting questions

Question

Would you recommend this program to your employer? Why?

Answered: 1 week ago