For the just completed year, Hanna Company had net income of $35,000. 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 $ 30,000 $ 40,000
Accounts receivable $ 125,000 $ 106,000
Inventory $ 213,000 $ 180,000
Prepaid expenses $ 6,000 $ 7,000
Current liabilities:
Accounts payable $ 210,000 $ 195,000
Accrued liabilities $ 4,000 $ 6,000
Income taxes payable $ 34,000 $ 30,000
The Accumulated Depreciation account had total credits of $20,000 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.

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available. two-thirds of the work related to $15,000 of cash received in advance was performed this period. the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired. wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

True or false entrepreneurs try to meet the needs of the marketplace by supplying a service or product