Business, 19.06.2020 00:57 DisneyGirl11

For the just completed year, Hanna Company had net income of $41,500. 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 $ 57,000 $ 78,000
Accounts receivable $ 162,000 $ 188,000
Inventory $ 442,000 $ 370,000
Prepaid expenses $ 11,500 $ 14,000
Current liabilities:
Accounts payable $ 370,000 $ 384,000
Accrued liabilities $ 8,500 $ 12,000
Income taxes payable $ 36,000 $ 27,000
The Accumulated Depreciation account had total credits of $48,000 during the year. Hanna Company did not record any gains or losses during the year.
Required: Use the indirect method to determine the net cash provided by (or used in) operating activities for the year.

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For the just completed year, Hanna Company had net income of $41,500. Balances in the companys curre...