For the year just completed, Hanna Company had net income of $35,000. Balances in thecompany's current asset and current liability accounts at the beginning and end of the yearwere as follows:December 31End ofBeginningof YearYearCurrent assets:$ 30,000 $ 40,000$125,000 $106,000$213,000 $180,000$ 6,000 $ 7,000Cash and cash equivalentsAccounts receivableInventoryPrepaid expensesCurrent liabilities:Accounts payableAccrued liabilitiesIncome taxes payable$210,000 $195,000$ 4,000 $ 6,000$ 34,000 $ 30,000The Accumulated Depreciation account had total credits of $20,000 during the year. HannaCompany did not record any gains or losses during the year.Required:Using the indirect method, determine the net cash provided by operating activities for the year.(List any deduction in cash outflows as negative amounts.) Hanna CompanyStatement of Cash Flows-Indirect Method (partial)$

The cash flow statement (CFS), also known as the statement of cash flows, is a financial statement…

year just completed, Hai any nad $3 company's current asset and current liability accounts at the beginnir were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Accounts payable Accrued liabilities $210,000 $195,000 $ 4,000 $ 6,000

year just completed, Hai any nad $3 company's current asset and current liability accounts at the beginnir were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Accounts payable Accrued liabilities $210,000 $195,000 $ 4,000 $ 6,000

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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