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For the year just completed, Hanna Company had net income of $68,000. Balances in the companys current asset and current liability accounts at the beginning
For the year just completed, Hanna Company had net income of $68,000. 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 | $ 63,000 | $ 79,000 |
Accounts receivable | $ 160,000 | $ 188,000 |
Inventory | $ 442,000 | $ 358,000 |
Prepaid expenses | $ 11,500 | $ 13,500 |
Current liabilities: | ||
Accounts payable | $ 366,000 | $ 388,000 |
Accrued liabilities | $ 8,000 | $ 12,000 |
Income taxes payable | $ 32,000 | $ 26,000 |
The Accumulated Depreciation account had total credits of $44,000 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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