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i dont think this is all right, please help thanks Portions of the financial statements for Alliance Technologies are provided below ALLIANCE TECHNOLOGIES Income Statement

i dont think this is all right, please help thanks image text in transcribedimage text in transcribed

Portions of the financial statements for Alliance Technologies are provided below ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2018 $ 405,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Income tax expense $235,000 70,000 17,000 27,000 Total expenses 349,000 Net income $ 56,000 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2018, compared to December 31, 2017 $ 7,000 14,000 10,000 6,000 9,000 24,000 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable 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, 2018 Cash Flows from Operating Activities Net income S 56,000 Adjustments to reconcile net income to net cash flows from operating activities 17,000 Depreciation expense Decrease in accounts receivable Increase in salaries payable 7,000 6,000 14,000 10,000 24,000 in inventory Decrease in prepaid rent Increase in income tax payable $ 134,000 Net cash flows from operating activities

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