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Item 1

Item 1 11.11 points Item Skipped

For the just completed year, Hanna Company had net income of $57,000. Balances in the companys 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	$	56,000	$	75,000
Accounts receivable	$	152,000	$	182,000
Inventory	$	445,000	$	346,000
Prepaid expenses	$	11,500	$	14,500
Current liabilities:
Accounts payable	$	368,000	$	382,000
Accrued liabilities	$	9,000	$	12,000
Income taxes payable	$	33,000	$	30,000

The Accumulated Depreciation account had total credits of $58,000 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. (List any deduction in cash and cash outflows as negative amounts.)