For the just completed year, Hanna Company had net income of $101,500. 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 $ 59,000 $ 82,000
Accounts receivable $170,000 $188,000
Inventory $442,000 $340,000
Prepaid expenses $11,500 $13,000
Current liabilities:
Accounts payable $352,000 $396,000
Accrued liabilities $9,000 $12,000
Income taxes payable $35,000 $26,000
The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year.
Required:
1. 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.)