For the year just completed, Hanna Company had net income of $72,000. Balances in the company's current
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For the year just completed, Hanna Company had net income of $72,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 57,000 $ 150,000 $ 439,000 $ 12,500 $352,000 $ 7,500 $ 34,000 Beginning of Year $ 80,000 $ 198,000 $ 349,000 $ 15,000 $ 392,000 $ 12,500 $ 28,000 The Accumulated Depreciation account had total credits of $46,000 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.)
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