For the year just completed, Hanna Company had net income of $73,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 58,000 $ 170,000 $ 433,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 12,500 $ 352,000 $ 8,500 $ 36,000 $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains c 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) 0 $ 0

For the year just completed, Hanna Company had net income of $73,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 58,000 $ 170,000 $ 433,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 12,500 $ 352,000 $ 8,500 $ 36,000 $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains c 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) 0 $ 0

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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