Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities. Income taxes payable $ 59,000 $ 166,000 $ 442,000 $ 12,000 $364,000 $ 8,000 $ 33,000 Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable Tear The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year. Net income Adjustments to convert net income to a cash basis: Depreciation Decrease in accounts receivable Net cash provided by operating activities $ 82,000 $184,000 $ 358,000 $ 14,000 Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) $ 392,000 $ 13,000 $ 26,000 Hanna Company Statement of Cash Flows-Indirect Method (partial) $ $ 68,500 0 68,500

Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities. Income taxes payable $ 59,000 $ 166,000 $ 442,000 $ 12,000 $364,000 $ 8,000 $ 33,000 Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable Tear The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year. Net income Adjustments to convert net income to a cash basis: Depreciation Decrease in accounts receivable Net cash provided by operating activities $ 82,000 $184,000 $ 358,000 $ 14,000 Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) $ 392,000 $ 13,000 $ 26,000 Hanna Company Statement of Cash Flows-Indirect Method (partial) $ $ 68,500 0 68,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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