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Question: For the just completed year, Hanna Company had net income of $76,000. Balances in the company’s c…
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For the just completed year, Hanna Company had net income of
$76,000. 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

$

57,000

$

80,000     

     Accounts receivable

$

162,000

$

198,000     

     Inventory

$

442,000

$

346,000     

     Prepaid expenses

$

12,500

$

14,500     

  Current liabilities:

     Accounts payable

$

368,000

$

392,000     

     Accrued liabilities

$

7,500

$

12,500     

     Income taxes payable

$

33,000

$

29,000     

  

The Accumulated Depreciation account had total credits of
$44,000 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.)

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