For the year just completed, Hanna Company had net income of $51,000. Balances in the company's...
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For the year just completed, Hanna Company had net income of $51,000. 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 Year Beginning of Year Current assets: Cash and cash equivalents $ 63,000 $ 82,000 $ 152,000 $ 196,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 430,000 $ 12,500 $ 366,000 $ 8,500 $ 32,000 $ 349,000 $ 15,000 $ 390,000 $ 12,000 $ 29,000 The Accumulated Depreciation account had total credits of $44,000 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 outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) For the year just completed, Hanna Company had net income of $51,000. 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 Year Beginning of Year Current assets: Cash and cash equivalents $ 63,000 $ 82,000 $ 152,000 $ 196,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 430,000 $ 12,500 $ 366,000 $ 8,500 $ 32,000 $ 349,000 $ 15,000 $ 390,000 $ 12,000 $ 29,000 The Accumulated Depreciation account had total credits of $44,000 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 outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial)
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