Exercise (Algo) For the year just completed, Hanna Company had net income of $41,000, Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents: Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year 5 64,000 $ 168,000 5 433,000 $ 12,500 $360,000 $9,000 $ 33,000 Beginning of Year $75,000 $ 200,000 $367,000 $ 14,000 $ 386,000 $ 12,500 $ 27,000 The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts) Hanna Company Statement of Cash Flows-Indirect Method (partial)
Exercise (Algo) For the year just completed, Hanna Company had net income of $41,000, Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents: Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year 5 64,000 $ 168,000 5 433,000 $ 12,500 $360,000 $9,000 $ 33,000 Beginning of Year $75,000 $ 200,000 $367,000 $ 14,000 $ 386,000 $ 12,500 $ 27,000 The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts) Hanna Company Statement of Cash Flows-Indirect Method (partial)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 13-2 (Algo) Net Cash Provided by Operating Activities ([LO13-2]
For the year just completed, Hanna Company had net income of $41,000. Balances in the company's current asset and current liability
accounts at the beginning and end of the year were as follows:
Current assets:
Cash and cash equivalents:
Accounts receivable
Inventory
Prepaid expenses
Current liabilities:
Accounts payable
Accrued liabilities.
Income taxes payable
December 31
End of Year
$ 64,000
$ 168,000
$
433,000
$ 12,500
$360,000
$9,000
$ 33,000
Beginning of Year
$ 75,000
$ 200,000
$367,000
$ 14,000
$ 386,000
$ 12,500
$ 27,000
The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or
losses during the year.
Required:
Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows
as negative amounts)
Hanna Company
Statement of Cash Flows-Indirect Method (partial)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F289d7ed8-9d63-4fcc-b825-f4057b595b28%2F83711b80-48f3-4669-9736-0294c23bf24c%2Fmvu1wcm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 13-2 (Algo) Net Cash Provided by Operating Activities ([LO13-2]
For the year just completed, Hanna Company had net income of $41,000. Balances in the company's current asset and current liability
accounts at the beginning and end of the year were as follows:
Current assets:
Cash and cash equivalents:
Accounts receivable
Inventory
Prepaid expenses
Current liabilities:
Accounts payable
Accrued liabilities.
Income taxes payable
December 31
End of Year
$ 64,000
$ 168,000
$
433,000
$ 12,500
$360,000
$9,000
$ 33,000
Beginning of Year
$ 75,000
$ 200,000
$367,000
$ 14,000
$ 386,000
$ 12,500
$ 27,000
The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or
losses during the year.
Required:
Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows
as negative amounts)
Hanna Company
Statement of Cash Flows-Indirect Method (partial)
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