For the year just completed, Hanna Company had net income of $35,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows:

The Accumulated Depreciation account had total credits of $20,000 during the year. Hanna Company 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.

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December 31 End of Year Beginning of Year Current assets: $30,000 $125,000 $213,000 $6,000 $40,000 $106,000 $180,000 $7,000 Cash and cash equivalents.. Accounts receivable Inventory .... Prepaid expenses Current liabilities: Accounts payable.. $210,000 $4,000 $34,000 $195,000 $6,000 $30,000 Accrued liabilities Income taxes payable