Problem 11-3A Calculate operating activities-indirect method (LO11-3) 3 Portions of the financial statements for Alliance Technologies are provided below. 1.75 points ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales $303,000 Expenses: Cost of goods sold $183,000 Operating expenses 58,000 Depreciation expense 15,800 Income tax expense 21,000 Total expenses 277,800 Net income $ 25, 200 Print Reference ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable $ 5,800 Increase in inventory 12,800 Decrease in prepaid rent 8,800 Increase in salaries payable 4,800 Decrease in accounts payable 7,800 Increase in income tax payable 19,200 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.) ALLIANCE TECHNOLOGIES Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Net cash flows from operating activities $ 0