5 For the just completed year, Hanna Company had net income of $94,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: points eBook December 31 End of Beginning Year of Year Current assets: 84,000 Cash $ 61,000 $ Accounts receivable $ 168,000 $ 182,000 Inventory $448,000 $ 358,000 Prepaid expenses $ 11,500 $15,000 Current liabilities: Accounts payable $362,000 396,000 $ Accrued liabilities $ 8,500 $12,000 Income taxes payable $34,000 $ 26,000 Hint Print References 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 and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis 5 Inventory $ $ Prepaid expenses $ 11,500 $15,000 Current liabilities: Accounts payable $362,000 $ 396,000 Accrued liabilities $ 8,500 $12,000 26,000 Income taxes payable $34,000 $ 1 points 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. eBook Hint 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.) Print Hanna Company Statement of Cash Flows-Indirect Method (partial) Net Income Adjustments to convert net income to a cash basis: References Net cash provided by operating activities