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For the just completed year, Hanna Company had net income of $57,000. Balances in the companys current asset and current liability accounts at the beginning
For the just completed year, Hanna Company had net income of $57,000. Balances in the companys 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 | $ | 59,000 | $ | 83,000 |
Accounts receivable | $ | 158,000 | $ | 190,000 |
Inventory | $ | 433,000 | $ | 349,000 |
Prepaid expenses | $ | 11,000 | $ | 14,500 |
Current liabilities: | ||||
Accounts payable | $ | 360,000 | $ | 384,000 |
Accrued liabilities | $ | 8,000 | $ | 12,000 |
Income taxes payable | $ | 32,000 | $ | 26,000 |
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.
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