30) Cash flows from operating activities for both the indirect and direct methods are presented for Audio Systems. $45,000 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 accounts payable Decrease in income tax payable Net cash flows from operating activities 7,000 9,000 4,000 (6,000 $59,000 Cash Flows from Operating Activities Cash received from customers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities $93,000 (22,000) (12,000) $59,000 Required: Complete the following income statement for Audio Systems. Assume all accounts payable are for operating expenses. Required: Complete the following income statement for Audio Systems. Assume all accounts payable are for operating expenses. $? Audio Systeins Income Statement For the Year Ended December 31, 2021 Revenues Expenses: ? Operating expenses Depreciation expense 7,000 Income tax expense ? Total expenses Net Income $45.000 Hint: Use the following calculations and work backwards from bottom to top for each item 8 Revenues = Change in accounts receivable = Cash received from customers Operating expenses = Change in accounts payable =Cash paid for operating expenses Income tax expense = Change in income tax payable Cash paid for income taxes