Portions of the financial statements for Alliance Technologies are provided below. Required: Prepare the operating activities section
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Portions of the financial statements for Alliance Technologies are provided below.
Required:
Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method.
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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 $235,000 70,000 17,000 27,000 $405,000 349,000 $ 56,000
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2023 Net sales $ Cost of goods sold General and administrative expenses $ 58,745 Gross profit $ 58,745 4,521 Selling expenses $ 1,594 Operating profit $ 52,630 Income tax expense Net profit $ 52,630
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