Chapter 11 - Homework 4.16 5 points Cash flows from operating activities for both the Indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory eBook Print Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid to suppliers Cash paid for operating expenses References Cash paid for income taxes Net cash flows from operating activities $ 163 51 (27) 39 (3) (17) (7) $ 199 $ 4,015 (2,580) (1,150) (86) $199 Required: Complete the following Income statement for Reverse Logic. Assume all accounts payable are to suppliers. (Enter your answers in thousands (i.e., 10,000,000 should be entered as "10,000).) REVERSE LOGIC Net sales Expenses: Income Statement For the Year Ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income 51 S 163 Saved