Hanna Company's current asset and current liability account balances 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 Beginning of Year End of Year $ 60,000 $ 156,000 $ 448,000 $ 11,500 $ 356,000 $9,000 $ 35,000 $ 80,000 $ 190,000 $ 355,000 $ 14,500 $ 394,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $54,000. Hanna Company's net income was $69,000 and it did not record any gains or losses on the sale of noncurrent assets. Required: Using the indirect method, calculate the net cash provided by operating activities for the year. Note: Cash outflows and amounts to be deducted should be indicated with a minus sign. Hanna Company Statement of Cash Flows-Indirect Method (partial)

Hanna Company's current asset and current liability account balances 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 Beginning of Year End of Year $ 60,000 $ 156,000 $ 448,000 $ 11,500 $ 356,000 $9,000 $ 35,000 $ 80,000 $ 190,000 $ 355,000 $ 14,500 $ 394,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $54,000. Hanna Company's net income was $69,000 and it did not record any gains or losses on the sale of noncurrent assets. Required: Using the indirect method, calculate the net cash provided by operating activities for the year. Note: Cash outflows and amounts to be deducted should be indicated with a minus sign. Hanna Company Statement of Cash Flows-Indirect Method (partial)

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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