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Problem 11-6A Calculate operating activities-direct method (LO11-7) Portions of the financial statements for Alliance Technologies are provided below. $296,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses : Cost of goods sold $176,000 Operating expenses 51,000 Depreciation expense 15,100 Income tax expense 17,500 Total expenses Net income 259, 600 $ 36, 400 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable $ 5,100 Increase in inventory 12,100 Decrease in prepaid rent 8,100 Increase in salaries payable 4,100 Decrease in accounts payable 7,100 Increase in income tax payable 16,400 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: Net cash flows from operating activities Exercise 11-18A Determine cash received from customers (LO11-7) Consider the three independent situations below (amounts are $ in millions): Required: 1. Calculate cash received from customers. (Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) Situation Sale Revenue Accounts Receivable Increase (Decrease) Cash Received from Customers 200 200 200 30 (30) 2. Prepare the summary journal entry for each situation. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) View transaction list Journal entry worksheet 2 3 Record the receipt of cash from customers. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal

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