For the just completed year, Hanna Company had net income of $76,500. 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 $ 58,000 $ 75,000
Accounts receivable $ 164,000 $ 198,000
Inventory $ 436,000 $ 343,000
Prepaid expenses $ 11,000 $ 15,000
Current liabilities:
Accounts payable $ 356,000 $ 394,000
Accrued liabilities $ 9,000 $ 12,000
Income taxes payable $ 35,000 $ 27,000
The Accumulated Depreciation account had total credits of $46,000 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.)