Portions of the financial statements for Alliance Technologies are provided below. Net sales Expenses: ALLIANCE TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Cost of goods sold, Operating expenses Depreciation expense Income tax expense Total expenses Net income -$405,000 $235,000 70,000) 17,000 27,000 349,000 $ 56,000 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 $ 7,000 14,000 10,000 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: 6,000 9,000 24,000 Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies Lising the direct method. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. ALLIANCE TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Decrease in accounts receivable Increase in inventory Decrease in prepaid rent $ 7,000 (14,000) x 10,000 Increase in salaries payable Decrease in accounts payable 6,000 (9.000) Increase in income tax payable 24,000 Net cash flows from operating activities $ 24,000