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For the year recently completed, a company had net income of $35,000. Balances in the company's current asset and current liability accounting for the beginning
For the year recently completed, a company had net income of $35,000. Balances in the company's current asset and current liability accounting for the beginning and ending of the year were as follows:
End of Year | Beginning of Year | |
Current assets: | ||
Cash and cash equivalents | $30,000 | $40,000 |
Accounts receivable | $125,000 | $106,000 |
Inventory | $213,000 | $180,000 |
Prepaid expenses | $6,000 | $7,000 |
Current liabilities: | ||
Accounts payable | $210,000 | $195,000 |
Accrued liabilities | $4,000 | $6,000 |
Income taxes payable | $34,000 | $30,000 |
Also, the accumulated depreciation account had total credits of $20,000 during the year. The company did not record any gains or losses during the year.
Based on the above and in consideration of the indirect method, determine the net cash provided by operating activities for the year.
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