For the year just completed, Hanna Company had net income of $68,000. 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 $ 61,000 $ 170,000 $ 433,000 $ 12,000 $ 358,000 $ 8,000 $ 33,000 Beginning of Year $ 77,000 $ 192,000 $ 346,000 $ 13,500 $ 382,000 $ 11,500 $ 29,000 The Accumulated Depreciation account had total credits of $52,000 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.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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For the year just completed, Hanna Company had net income of $68,000. 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
$ 61,000
$ 170,000
$ 433,000
$ 12,000
$ 358,000
$ 8,000
$ 33,000
Beginning of Year
$ 77,000
$ 192,000
$ 346,000
$ 13,500
$ 382,000
$ 11,500
$ 29,000
The Accumulated Depreciation account had total credits of $52,000 during the year. Hanna Company did not record any gains or
losses during the year.
Hanna Company
Statement of Cash Flows-Indirect Method (partial)
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.)
$
0
0
Transcribed Image Text:For the year just completed, Hanna Company had net income of $68,000. 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 $ 61,000 $ 170,000 $ 433,000 $ 12,000 $ 358,000 $ 8,000 $ 33,000 Beginning of Year $ 77,000 $ 192,000 $ 346,000 $ 13,500 $ 382,000 $ 11,500 $ 29,000 The Accumulated Depreciation account had total credits of $52,000 during the year. Hanna Company did not record any gains or losses during the year. Hanna Company Statement of Cash Flows-Indirect Method (partial) 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.) $ 0 0
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