For the year just completed, Hanna Company had net income of $73,000. Balances in the company's 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 $ 58,000 $ 170,000 $ 433,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 12,500 $ 352,000 $ 8,500 $ 36,000 $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains c 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.) Hanna Company Statement of Cash Flows-Indirect Method (partial) 0 $ 0

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
icon
Related questions
Question
None
For the year just completed, Hanna Company had net income of $73,000. Balances in the company's 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
$ 58,000
$ 170,000
$ 433,000
Accounts receivable
Inventory
Prepaid expenses
Current liabilities:
Accounts payable
Accrued liabilities
Income taxes payable
$ 12,500
$ 352,000
$ 8,500
$ 36,000
$ 77,000
$ 196,000
$ 355,000
$ 13,500
$ 396,000
$ 12,000
$ 27,000
The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains c
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.)
Hanna Company
Statement of Cash Flows-Indirect Method (partial)
0
$
0
Transcribed Image Text:For the year just completed, Hanna Company had net income of $73,000. Balances in the company's 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 $ 58,000 $ 170,000 $ 433,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 12,500 $ 352,000 $ 8,500 $ 36,000 $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains c 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.) Hanna Company Statement of Cash Flows-Indirect Method (partial) 0 $ 0
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning