Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. for the year just completed, hanna company had net

For the year just completed, Hanna Company had net income of $64,500. Balances in the...

50.1K

Verified Solution

Question

Accounting

For the year just completed, Hanna Company had net income of $64,500. 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 Year Beginning of Year Current assets: Cash and cash equivalents $ 61,000 $ 79,000 Accounts receivable $ 164,000 $ 184,000 Inventory $ 439,000 $ 349,000 Prepaid expenses $ 11,000 $ 14,000 Current liabilities: Accounts payable $ 370,000 $ 388,000 Accrued liabilities $ 8,000 $ 12,000 Income taxes payable $ 36,000 $ 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 and cash outflows as negative amounts.)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

5 Number of Drinks Sold The scatterplot below shows the relationship between the outside temperature...

Statistics
Q

a) Explain the difference between Fiscal Policy and Monetary Policy. b) What could be done using Fiscal...

Finance
Q

A price pp (in dollars) and demand xx for a product are related by 2x2+8xp+50p2=7400 If the price...

Basic Math
Q

1.  A type of section wherein the section view is probably located out of projection with the...

Mechanical Engineering
Q

evaluate the composition of the steering committee. do you feel it has adequate representation? Explain. what...

General Management
Q

16 An ideal gas mixture filled inside a balloon expand according to the relation pV2...

Physics
Q

Consider a 10 in x 10 in squared piece of paper. We want to cut...

Calculus
Q

Orhan s ) P Click the town Pre Co the con o ther heon where...

Accounting
Q

1. Prepare all February journal entries and adjusting entries Date ...

Accounting
Q

taxation issues Jodes as seciember with, 2013 APPENDIX...

Accounting
Q

The standard cost card for the single product manufactured by Cutter, Incorporated, is given below:...

Accounting
Q

Use the following information for a manufacturer to compute cost of goods manufactured and cost...

Accounting