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For the year just completed, Hanna Company had net income of $56,500. 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 $56,500. 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 $ 64,000 $ 150,000 $ 445,000 $ 11,000 $362,000 $ 8,000 $ 34,000 Beginning of Year Hanno Company $ 80,000 $ 190,000 $ 349,000 $ 14,000 $ 386,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $52,000 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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