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For the just completed year, Hanna Company had a 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:

The Deferred Income Taxes Payable account on the balance sheet increased by 4,000 during the year, and depreciation charges were $20,000.
Required:
Using the indirect method, determine the net cash provided by operating activities for the year.

Answer :

Statement of cash flow (partial) of Hanna Company

  1. Net income                                                             35000
  2. Adjustment to reconcile net income to net cash flow from operating activities    
  3. Depreciation expense                                20000  
  4. Increase account receivable             -       19000  
  5. Increase inventory                                     33000  
  6. Decrease prepaid expense                        1000  
  7. Increase account payable                          15000  
  8. decrease accrued liabilities                        2000  
  9. Increase income tax payable                      4000  
  10. Net cash flow from operating activities                 21000

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