Income Statement For the year ended December 31, 2015 355,000 Net sales Expenses: $210,000 Cost of goods sold 65.000 Operating expenses 16,500 Depreciation expense 24,500 Income tax expense 316,000 Total expenses 39,000 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2015, compared to December 31, 2014 Decrease in accounts receivable 6,500 Increase in inventory 13,500 Decrease in prepaid rent Increase in salaries payable 5,500 Decrease in accounts payable 8,500 Increase in income tax payable 22,000 Required Prepare the operating activities section of the statement of cash fows for Alliance Technologies using the indirect method. (List cash outflows as negative amounts.) ALLIANCE TECHNOLOGIES Statement of Cash Flows (partial) For the Year Ended December 31, 2015 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities S Net cash flows from operating activities