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Please help!!! For the year just completed, Hanna Company had net income of $54,500. Balances in the companys current asset and current liability accounts at
Please help!!!
For the year just completed, Hanna Company had net income of $54,500. Balances in the company's current asset and current liabiity accounts at the beginning and end of the year were as follows: The Accumulated Depreciation account had total cred ts of $48,000 during the year. Hanna Company did not record any gains or losses during the yeat. Required: Using the indirect method, dotermine the net cash provided by operating activiles for the year. (List any deduction in cash and cash outflows as negative amounts.) For the year just completed, Hanna Company had net income of $54,500. Balances in the company's current asset and current liabiity accounts at the beginning and end of the year were as follows: The Accumulated Depreciation account had total cred ts of $48,000 during the year. Hanna Company did not record any gains or losses during the yeat. Required: Using the indirect method, dotermine the net cash provided by operating activiles for the year. (List any deduction in cash and cash outflows as negative amounts.) For the year just completed, Hanna Company had net income of $54,500. Balances in the companys current asset and current liability accounts at the beginning and end of the year were as follows:
December 31
End of YearBeginning of Year
Current assets:
Cash and cash equivalents$ 62,000$ 80,000
Accounts receivable$ 152,000$ 196,000
Inventory$ 436,000$ 355,000
Prepaid expenses$ 12,500$ 13,500
Current liabilities:
Accounts payable$ 350,000$ 382,000
Accrued liabilities$ 9,000$ 11,500
Income taxes payable$ 33,000$ 27,000
The Accumulated Depreciation account had total credits of $48,000 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.)
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