View the step-by-step solution to:

Question

67415449_518827608859445_818643225001590784_n.jpgI have an idea of the

completion of this but I need an explanation how to solve for the rest

67415449_518827608859445_818643225001590784_n.jpg

Portions of the financial statements for Alliance Technologies are provided below.
ALLIANCE. TECHNOLOGIES
Income Statement
For the year ended December 31, 2021
Net sales
$ 295,000
Expenses
Cost of goods sold
$ 175,000
Operating expenses
50,000
Depreciation expense
15,000
Income tax expense
17,000
Total expenses
257,000
Net income
$ 38,000
ALLIANCE TECHNOLOGIES
Selected Balance Sheet Data
December 31, 2021, compared to December 31, 2020
Decrease in accounts receivable
$ 5,000
Increase in inventory
12,000
Decrease in prepaid rent
8,000
Increase in salaries payable
4,000
Decrease in accounts payable
7 000
Increase in income tax payable
16,000
Required:
Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the direct method. (List cash outflows as negative amounts.)
ALLIANCE TECHNOLOGIES
Statement of Cash Flows (partial)
For the Year Ended December 31, 2021
Cash Flows from Operating Activities:
Cash received from customers
$
300,000
Cash paid to suppliers
Cash paid for operating expenses
Cash paid for income taxes
Net cash flows from operating activities
$
300,000
References

Top Answer

View the full answer
Capture 17782738.JPG

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online