For the year just completed, Hanna Company had net income of $70,000. 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 $ 58,000 $ 162,000 $ 439,000 $ 11,500 $ 352,000 $ 8,500 $ 33,000 Beginning of Year $ 79,000 $ 194,000 $ 358,000 $ 14,000 $ 390,000 $ 12,500 $ 29,000

For the year just completed, Hanna Company had net income of $70,000. 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 $ 58,000 $ 162,000 $ 439,000 $ 11,500 $ 352,000 $ 8,500 $ 33,000 Beginning of Year $ 79,000 $ 194,000 $ 358,000 $ 14,000 $ 390,000 $ 12,500 $ 29,000

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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