Portions of the financial statements for Software Associates are provided below. 1600.000 LOFTWARE ASSOCIATES Income Statement For the year ended December 31, 2021 Net sales Itxpenses Cont of goods sold $360,000 Operating expenses 110,000 Depreciation expense 31.000 Income tax expense 39,000 Total expen Net Income 540.000 SOFTWARE ASSOCIATES elected balance sheet Data December 31, 2023. compared to December 31, 2020 Decrease in accounts receivable $ 8.000 Decrease in nentory 11.000 thereas in prepaid rent 1.000 Decrease in sales payahle 2,000 There is acts payable 5.000 Increase in income tax payable 6.000 Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the direct method. (List cash outflows as negative amounts: SOFTWARE ASSOCIATES Statement of Cash Flow Partia For the Year Ended December 31, 2021 Cash Flows from Opening Prey 1 of 3 Nead > Book ** > 2 # 3 4 & 7 6 8 9 W E R T Y U 10 o S D F F G H J K SOFTWARE ASSOCIATES Selected Balance Sheet Data December 31.2021.com to December 11, 2020 Decrease in accounts receivable $8,000 Decsin inventory 11,000 Increase in prepaid rent 1,000 Deresse in Balari payable 2,000 Increase in accounts payable 5.000 These in income tax payable 6.000 Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the direct method. (List cash outflows as negative amounts.) SOFTWARE ASSOCIATES Statement of Cash Flow Partia For the Year Ended December 11, 2021 Cash Flows from Operating Activities: Nutcash forom operating wives 5 o Pre 1 of 1 Next > Macbook AS * $ 4 3 % 5 & 7 6 8 9 0 W E R T Y U O S D F H j K L