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 and cash equivalents $ 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. (List any deduction in cash outflows as negative amounts.)