Question
For the just completed year, Strident Company had net income of $71,000. Balances in the companys current asset and current liability accounts at the beginning
For the just completed year, Strident Company had net income of $71,000. 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 $ 63,000 $ 80,000 Accounts receivable $ 158,000 $ 182,000 Inventory $ 430,000 $ 355,000 Prepaid expenses $ 12,000 $ 13,000 Current liabilities: Accounts payable $ 358,000 $ 390,000 Accrued liabilities $ 8,000 $ 12,500 Income taxes payable $ 33,000 $ 29,000 The Accumulated Depreciation account had total credits of $44,000 during the year. Required: Using the indirect method, determine the net cash provided by (used in) operating activities for the year. (Amounts to be deducted and negative amounts should be indicated with a minus sign.)
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