For the year just completed, Hanna Company had net income of $76,000. Balances in the companys current asset and current liability accounts at the beginning and end of the year were as follows:

December 31End of YearBeginning of YearCurrent assets: Cash and cash equivalents$ 61,000$ 83,000Accounts receivable$ 170,000$ 196,000Inventory$ 439,000$ 349,000Prepaid expenses$ 11,000$ 14,000Current liabilities: Accounts payable$ 370,000$ 392,000Accrued liabilities$ 7,500$ 12,500Income taxes payable$ 33,000$ 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 and cash outflows as negative amounts.)

Net income $76,000Adjustments to convert net income to a cash basis: Decrease in accounts payable Decrease in accrued liabilities Decrease in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in income taxes payable Depreciation 0 $76,000