For the year just completed, Hanna Company had net income of $65,000. 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 Net income Adjustments to convert sales to a cash basis: Decrease in accounts payable Decrease in accounts receivable Decrease in accrued liabilities Decrease in income taxes payable Increase in inventory Depreciation $ 63,000 $ 160,000 $ 448,000 $ 12,500 Net cash provided by operating activities $368,000 $ 9,000 $ 35,000 Beginning of Year 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. Hanna Company Statement of Cash Flows-Indirect Method (partial) $ 85,000 $ 184,000 $361,000 $ 13,000 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.) $ 392,000 $ 12,500 $ 29,000 $ $ 65,000 0 65,000

For the year just completed, Hanna Company had net income of $65,000. 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 Net income Adjustments to convert sales to a cash basis: Decrease in accounts payable Decrease in accounts receivable Decrease in accrued liabilities Decrease in income taxes payable Increase in inventory Depreciation $ 63,000 $ 160,000 $ 448,000 $ 12,500 Net cash provided by operating activities $368,000 $ 9,000 $ 35,000 Beginning of Year 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. Hanna Company Statement of Cash Flows-Indirect Method (partial) $ 85,000 $ 184,000 $361,000 $ 13,000 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.) $ 392,000 $ 12,500 $ 29,000 $ $ 65,000 0 65,000

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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