Question: Exercise 15-2 (Algo) Net Cash Provided by Operating Activities (LO15-2] For the year just completed, Hanna Company had net income of $49,000. Balances in the

 Exercise 15-2 (Algo) Net Cash Provided by Operating Activities (LO15-2] For

Exercise 15-2 (Algo) Net Cash Provided by Operating Activities (LO15-2] For the year just completed, Hanna Company had net income of $49,000. 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 Beginning Year of Year Current assets: Cash and cash equivalents $ 65,000 5 84,000 Accounts receivable 5 254,900 $ 102,000 Inventory $ 433,000 $361,000 Prepaid expenses $ 12,000 $13,500 Current liabilities: Accounts payable $360,000 $386,000 Accrued liabilities $3,000 5 11,500 Income taxes payable $ 34,000 5 26,000 The Accumulated Depreciation account had total credits of 554.000 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 os negative amounts.) Wanna Company Statement of Cash Flows-Indirect Method (partial)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!