Genius Inc. uses the indirect method to prepare its statement of cash flows. Using the worksheet shown below, enter the adjustments needed to record Net Income for the year ended December 31, 2014 of $49,000. Panel B-Statement of Cash Flows:
Cash Flows From Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation Expense-Plant Assets
Gain on Disposal of Plant Assets
Increase/Decrease in Accounts Receivable
Increase/Decrease in Inventory
Increase/Decrease in Accounts Payable
Increase/Decrease in Accrued Liabilities
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Cash Payment for Acquisition of Plant Assets
Cash Receipt From Disposal of Plant Assets
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Cash Receipt From Issuance of Notes Payable
Cash Payment of Notes Payable
Cash Receipt from Issuance of Common Stock
Cash Payment for Purchase of Treasury Stock
Cash Payment of Dividends
Net Cash Provided by Financing Activities
Net Increase (Decrease)in Cash
Total

Question

Genius Inc. uses the indirect method to prepare its statement of cash flows. Using the worksheet shown below, enter the adjustments needed to record Net Income for the year ended December 31, 2014 of $49,000.  Panel B-Statement of Cash Flows:
Cash Flows From Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation Expense-Plant Assets
Gain on Disposal of Plant Assets
Increase/Decrease in Accounts Receivable
Increase/Decrease in Inventory
Increase/Decrease in Accounts Payable
Increase/Decrease in Accrued Liabilities
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Cash Payment for Acquisition of Plant Assets
Cash Receipt From Disposal of Plant Assets
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Cash Receipt From Issuance of Notes Payable
Cash Payment of Notes Payable
Cash Receipt from Issuance of Common Stock
Cash Payment for Purchase of Treasury Stock
Cash Payment of Dividends
Net Cash Provided by Financing Activities
Net Increase (Decrease)in Cash
Total

Quizplus · Accepted Answer

The Answer of Genius Inc. uses the indirect method to prepare its statement of cash flows. Using the worksheet shown below, enter the adjustments needed to record Net Income for the year ended December 31, 2014 of $49,000.  Panel B-Statement of Cash Flows:
Cash Flows From Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation Expense-Plant Assets
Gain on Disposal of Plant Assets
Increase/Decrease in Accounts Receivable
Increase/Decrease in Inventory
Increase/Decrease in Accounts Payable
Increase/Decrease in Accrued Liabilities
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Cash Payment for Acquisition of Plant Assets
Cash Receipt From Disposal of Plant Assets
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Cash Receipt From Issuance of Notes Payable
Cash Payment of Notes Payable
Cash Receipt from Issuance of Common Stock
Cash Payment for Purchase of Treasury Stock
Cash Payment of Dividends
Net Cash Provided by Financing Activities
Net Increase (Decrease)in Cash
Total