As the accountant for Genetic Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered together the following data from the accounting records:
Principal payments on non-current debt $ 50,000
Collections on accounts receivable 287,500
Increase in accounts payable 24,300
Acquisition of equipment by issuing non-current note payable 70,000
depreciation expense 71,300
Collection of loan principal 58,000
Proceeds from sale of investments, not including $5,100 gain 49,100
Increase in accounts receivable 7,200
Cash payments to purchase capital assets 62,000
Decrease in accrued liabilities 30,600
Payment of cash dividends 46,500
Income tax expense and payments 39,300
Proceeds from sale of capital assets, not including $7,400 loss 22,600
Net income 147,100
Cash sales 217,400
Proceeds from issuance of common shares 300,000
Increase in inventory 41,700
Loan to another company 60,000
Bonds payable converted into common shares 130,000
Payments to suppliers 283,100
Decrease in prepaid expenses 12,800
Cash balance: December 31, 2013 62,500
Cash balance: December 31, 2014 452,000
Prepare the cash flow statement for the year ended December 31, 2014 under ASPE, using the indirect method and including a schedule of noncash investing and financing activities, if necessary.
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