For the just completed year, Hanna Company had net income of $75,000. Balances in the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
For the just completed year, Hanna Company had net income of $75,000. 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 Year
Beginning of Year
Current assets:
Cash and cash equivalents
$
61,000
$
83,000
Accounts receivable
$
166,000
$
184,000
Inventory
$
433,000
$
352,000
Prepaid expenses
$
11,500
$
15,000
Current liabilities:
Accounts payable
$
352,000
$
384,000
Accrued liabilities
$
8,000
$
12,500
Income taxes payable
$
36,000
$
27,000
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.)
Hanna Company Statement of Cash FlowsIndirect Method (partial)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
