Determine the net cash provided by operating activities

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Question - Net Cash Provided by Operating Activities - For the just-completed year, Hanna Company had net income of $65,500. 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 and cash equivalents $62,000 $76,000

Accounts receivable $168,000 $180,000

Inventory $442,000 $361,000

Prepaid expenses $12,000 $14,500

Current liabilities:

Accounts payable $366,000 $382,000

Accrued liabilities $8,500 $13,000

Income taxes payable $33,000 $29,000

The Accumulated Depreciation account had total credits of $50,000 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.)

Reference no: EM132861987

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