For the just completed year, Hanna Company had net income of $61,500. 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 $ 63,000 $ 77,000
Accounts receivable $ 160,000 $ 196,000
Inventory $ 436,000 $ 349,000
Prepaid expenses $ 11,000 $ 14,000
Current liabilities: Accounts payable $ 366,000 $ 394,000
Accrued liabilities $ 9,000 $ 12,000
Income taxes payable $ 35,000 $ 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.)