ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities. Income taxes payable December 31 End of Year $ 55,000 $152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year Required: Using the indirect method, determine the net cash outflows as negative amounts.) $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. by operating activities for the year. (List any deduction in cash and cash Hanna Company Statement of Cash Flows-Indirect Method (partial)
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- 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 Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable End of Year $ 58,000 $ 170,000 $ 433,000 $ 12,500 $ 352,000 $ 8,500 $ 36,000 Beginning of Year $ 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 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 outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Decrease in accounts…For the year just completed, Hanna Company had net income of $45,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 61,000 $ 156,000 $ 442,000 $ 11,500 $366,000 $ 8,500 $ 32,000 Beginning of Year $ 77,000 $ 196,000 $ 370,000 $ 14,000 $ 386,000 $ 12,000 $ 28,000 The Accumulated Depreciation account had total credits of $54,000 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 Flows-Indirect Method (partial)For the just completed year, Hanna Company had net income of $91,000. 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 Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 60,000 $ 82,000 $166,000 $184,000 $445,000 $346,000 $ 11,500 $ 13,500 $356,000 $392,000 $ 7,500 $ 13,000 $ 35,000 $ 29,000 The Accumulated Depreciation account had total credits of $56,000 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 Flows-Indirect Method (partial)
- For the year just completed, Hanna Company had net income of $84,500. 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 Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 64,000 $ 80,000 $150,000 $186,000 $442,000 $343,000 $ 11,000 $ 13,000 $366,000 $400,000 $ 8,000 $ 12,000 $ 33,000 $ 30,000 The Accumulated Depreciation account had total credits of $46,000 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 Flows-Indirect Method (partial) Net income $4For 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 $ 77,000 $ 170,000 $ 196,000 $ 433,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 12,500 $ 352,000 $ 8,500 $ 36,000 $ 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 o 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 $ 0For the year just completed, Hanna Company had net income of $65,500. 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 Accounts receivable Inventory Prepaid expenses Current liabilities: $ 63,000 $162,000 $ 433,000 $ 11,500 $ 82,000 $ 190,000 $ 352,000 $ 14,000 Accounts payable Accrued liabilities Income taxes payable $ 354,000 $ 8,000 $ 33,000 $ 388,000 $ 13,000 $ 25,000 The Accumulated Depreciation account had total credits of $50,000 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 outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income 65,500 Adjustments to convert net income to a cash basis: Depreciation $…
- D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %For the just completed year, Hanna Company had a net income of $35,000. Balances in the company’scurrent asset and current liability accounts at the beginning and end of the year were:End Beginningof Year of YearCurrent assets:Cash ................................................... $30,000 $40,000Accounts receivable ........................... $125,000 $106,000Inventory ............................................. $213,000 $180,000Prepaid expenses ............................... $6,000 $7,000Current liabilities:Accounts payable ............................... $210,000 $195,000Accrued liabilities ................................ $4,000 $6,000The Deferred Income Taxes Payable account on the balance sheet increased by $4,000 during the year, anddepreciation charges were $20,000.Required:Using the indirect method, determine the net cash provided by operating activities for the year
- Green Moose Company has the following end-of-year balance sheet: Green Moose Company Balance Sheet For the Year Ended on December 31 Assets Liabilities Current Assets: Current Liabilities: Cash and equivalents $150,000 Accounts payable $250,000 Accounts receivable 400,000 Accrued liabilities 150,000 Inventories 350,000 Notes payable 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets: Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus depreciation) Common Equity Common stock 800,000 Retained earnings 700,000 Total Common Equity $1,500,000 Total Assets $3,000,000 Total Liabilities and Equity $3,000,000 The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Green Moose Company generated $350,000 net income on sales of $13,000,000. The firm…Green Moose Industries has the following end-of-year balance sheet: Green Moose Industries Balance Sheet For the Year Ended on December 31 Assets Liabilities Current Assets: Current Liabilities: Accounts payable Accrued liabilities. Notes payable Total Current Liabilities Cash and equivalents Accounts receivable Inventories Total Current Assets Net Fixed Assets: Net plant and equipment (cost minus depreciation) Total Assets O $64,000 $150,000 400,000 350,000 $900,000 O $57,600 Long-Term Bonds O $54,400 $2,100,000 Total Debt O $51,200 Common Equity Common stock Retained earnings Total Common Equity $3,000,000 Total Liabilities and Equity The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Green Moose Industries generated $400,000 net income on sales of $13,500,000. The firm expects sales to increase by 16% this coming year and also expects to maintain its long-run dividend payout ratio of…The following information is available for J Ltd. for the year ended 2021: Net working capital Long-term debt Total assets Fixed assets Calculate the amount of the total liabilities. $6,880 $4,970 $2,480 $460 $4,970 $8,390 $5,910 $6,990