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 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: $ 7,000 14,000 10,000 6,000 9,000 24,000 Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) ALLIANCE TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Class Practice Preparation of the Statement of Ca... Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: Saved 14,000 10,000 6,000 9,000 24,000 Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect m to be deducted should be indicated with a minus sign.) ALLIANCE TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities