I cannot seem to figure out the correct values to answer the following question. Please answer the question correctly and show work. For the year just completed, Hanna Company had net income of $52,000. Balances in the company's current asset and current liabilityaccounts at the beginning and end of the year were as follows:Current assets:Cash and cash equivalentsAccounts receivableInventoryPrepaid expensesCurrent liabilities:Accounts payableAccrued liabilitiesIncome taxes payable iDecember 31End of Year$ 60,000$ 154,000$ 430,000$ 11,500.$368,000$ 8,000$ 33,000Beginning ofYear$ 80,000$ 180,000S 361,000$ 13,000$ 398,000$ 12,500$ 28,000The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains orlosses 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 cashoutflows as negative amounts.)Hanna CompanyStatement of Cash Flows-Indirect Method (partial)$00

Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

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 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)

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 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)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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