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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I cannot seem to figure out the correct values to answer the following question. Please answer the question correctly and show work.

Transcribed Image Text:For the year just completed, Hanna Company had net income of $52,000. 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 i
December 31
End of Year
$ 60,000
$ 154,000
$ 430,000
$ 11,500.
$368,000
$ 8,000
$ 33,000
Beginning of
Year
$ 80,000
$ 180,000
S 361,000
$ 13,000
$ 398,000
$ 12,500
$ 28,000
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)
$
0
0
Expert Solution
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