Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the year just completed, Hanna Company had net income of $35,000. Balances in the company's current asset and current liability accounts at the

image text in transcribedimage text in transcribed

For the year just completed, Hanna Company had net income of $35,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: December 31 End of Year Beginning of Year $ 40,000 Cash and cash equivalents. $ 30,000 $ 125,000 $ 106,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 213,000 $ 6,000 $210,000 $ 4,000 $ 34,000 $ 180,000 $ 7,000 $ 195,000 $ 6,000 $ 30,000 The Accumulated Depreciation account had total credits of $20,000 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.) Answer is not complete. Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income $ 35,000 $ 20,000 Depreciation 19,000 Decrease in accounts receivable < Prev 3 of 3 Next >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th edition

133117413, 978-0133129519, 133129519, 978-0133129557, 133129551, 978-0133117561, 133117561, 978-0133117417

More Books

Students also viewed these Accounting questions