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.
Definitions:
Reference Group
A social group that serves as a point of reference for individuals in forming attitudes, beliefs, or behaviors.
Competition Act
A law enacted to oversee and regulate business conduct to maintain and encourage competition and protect consumers in the marketplace.
Restrictive Trade Practices
Business practices that restrict trade to the detriment of the consumer or competitors.
Competition Tribunal
A specialized court or tribunal that adjudicates matters pertaining to competition law, including antitrust and monopoly issues.
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