For the year just completed, Hanna Company had net income of $43,500. 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 Beginning of Year End of Year $ 55,000 $ 156,000 $ 442,000 $ 11,500 $ 370,000 $ 8,000 $ 35,000 $ 81,000 $ 200,000 $ 358,000 $ 13,500 $ 388,000 $ 12,500 $ 29,000

For the year just completed, Hanna Company had net income of $43,500. 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 Beginning of Year End of Year $ 55,000 $ 156,000 $ 442,000 $ 11,500 $ 370,000 $ 8,000 $ 35,000 $ 81,000 $ 200,000 $ 358,000 $ 13,500 $ 388,000 $ 12,500 $ 29,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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subject:accounting
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