$2$

For the year just completed, Hanna Company had net income of $$75,000.$ Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows:

$5$ points

$04$:$04$:$01$

$\backslash$table$[[,$December $31],[$Current assets:,End of Year,Beginning of Year$],[$Cash and cash equivalents,$$64,000,$$$78,000],[$Accounts receivable,$$170,000,$$$194,000],[$Inventory$,$$$442,000,$$$364,000],[$Prepaid expenses,$$11,500,$$$13,000],[$Current liabilities:,$$360,000,$$$392,000],[$Accounts payable,$$8,500,$$$12,000],[$Accrued liabilities,$$33,000,$$$29,000]]$

The Accumulated Depreciation account had total credits of $$42,000$ 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.$)$

$\backslash$table$[[$& Answer is complete but not entirely correct.$],[$Hanna Company$],[$Statement of Cash Flows$-$Indirect Method $($partial$)],[$Net income,$\backslash$theta $,,$$$,75,000$vv$],[$Adjustments to convert contribution marg,$\backslash$Theta $,,,],[$Depreciation$,$o$.$$$,42,000,,],[$Decrease in accounts receivable,$\backslash$theta $,(24,000)\backslash$times $,,],[$Increase in inventory,$\backslash$theta $,(78,000),,],[$Decrease in prepaid expenses,$\backslash$theta $,(1,500)\backslash$times $,,],[$Increase in accounts payable,$\backslash$Theta $,32,000$ox$,,],[$Increase in accrued liabilities,ox$,3,500$ox$,,],[$Decrease in income taxes payable,ox$,4,000,,],[,,,(22,000)],[$Net cash provided by operating activities,$\backslash$theta $,,$$$,53,000]]$