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year just completed, Hai any nad $3 company's current asset and current liability accounts at the beginnir were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Accounts payable Accrued liabilities $210,000 $195,000 $ 4,000 $ 6,000

year just completed, Hai any nad $3 company's current asset and current liability accounts at the beginnir were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Accounts payable Accrued liabilities $210,000 $195,000 $ 4,000 $ 6,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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For the year just completed, 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 Beginning of Year Year Current assets: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $210,000 $195,000 $ 4,000 $ 6,000 $ 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. (List any deduction in cash outflows as negative amounts.)
Transcribed Image Text:For the year just completed, 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 Beginning of Year Year Current assets: $ 30,000 $ 40,000 $125,000 $106,000 $213,000 $180,000 $ 6,000 $ 7,000 Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $210,000 $195,000 $ 4,000 $ 6,000 $ 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. (List any deduction in cash outflows as negative amounts.)
Hanna Company Statement of Cash Flows-Indirect Method (partial) $
Transcribed Image Text:Hanna Company Statement of Cash Flows-Indirect Method (partial) $
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