Problem 11-3A Calculate operating activities--indirect method (L011-3) Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $299,000 Expenses Cost of goods sold $179,000 Operating expenses 54,000 Depreciation expense 15,400 Income tax expense 19,000 Total expenses 267,400 Net Income $ 31,600 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable $ 5,400 Increase in inventory 12,400 Decrease in prepaid rent 8,400 Increase in salaries payable 4,400 Decrease in accounts payable 2,400 Increase in income tax payable 17,600 Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the Indirect method. (List cas outflows and any decrease in cash as negative amounts.) ALLIANCE TECHNOLOGIES Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Prev 1 of 2 !!! Next > Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable 12,400 8,400 4,400 7,400 17,600 boed 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.) bok ALLIANCE TECHNOLOGIES Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities: sk Adjustments to reconcile net income to net cash flows from operating activities 3 ances Net cash flows from operating activities $ 0 Prev 1 of 2 !!! Next >