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For the year just completed, Hanna Company had net income of $117,500. Balances in the company's current asset and current liability accounts at the beginning
For the year just completed, Hanna Company had net income of $117,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 59,000 $ 160,000 $ 448,000 $ 12,000 $ 352,000 $ 9,000 $ 33,000 Beginning of Year $ 78,000 $ 186,000 $ 340,000 $ 14,500 $ 396,000 $ 13,000 $ 26,000 The Accumulated Depreciation account had total credits of $40,000 during the year. Hanna Company did not record any gains or losses during the year.
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