For the just completed year, Hosni Co. reported a net income of $45,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows:
End of Year Beginning of
Current assets:
Year
Cash
$ 30,000
$ 50,000
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
The deferred income taxes liability 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 cash provided by operating activities for the year.
