Exercise 15-2 (Algo) Net Cash Provided by Operating Activities [LO15-2]For the year just completed, Hanna Company had net income of $81,000. Balances in the company's current asset and current liabilityaccounts at the beginning and end of the year were as follows:Current assets:Cash and cash equivalentsAccounts receivableInventoryPrepaid expensesCurrent liabilities:Accounts payableAccrued liabilitiesIncome taxes payableDecember 31Beginning ofYearEnd of Year$ 60,000$ 162,000$ 448,000$ 11,000$368,000$ 7,500$ 35,000$ 78,000$ 186,000$ 346,000$ 14,000$ 390,000$ 12,000$ 25,000The Accumulated Depreciation account had total credits of $44,000 during the year. Hanna Company did not record any gains orlosses during the year. Required:Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cashoutflows as negative amounts.)Hanna CompanyStatement of Cash Flows-Indirect Method (partial)

For the year just completed, Hanna Company had net income of $81,000. 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

For the year just completed, Hanna Company had net income of $81,000. 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

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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