$164,270 GREAT ADVENTURES, INC Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $38,500 Operating expenses 51, 4ee Depreciation expense Interest expense Income tax expense 14,500 Total expenses Net income 17,250 6,785 128,435 $ 35,835 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 64,500 180,568 47,689 7,880 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets $116,068 47,6e0 7, eee 3,680 (I) (1) (I) (D) See 900 4 See See, eee 820, e 62, eee (25,250 $1,572,818 40, eee (8,000) $101,888 see, e00 see, eee 22,eee 17,250 (I) (I) (1) (1) $ 2,800 750 $ 18,000 (1) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity ,800 750 14,500 21, eee 523,883 14,000 500 (I) 21.080 (I) 493,883 (I) 30,000 20,eee 120,000 984, eee 57,885 (90,eee) $1,572,818 33,450 100, eee (I) 904,000 (1) 24,435 (1) (90, ece) (I) 5101,000 Additional Information for 2022: Additional Information for 2022: 1. Land of $500,000 was obtained by issuing a note payable to the seller. 2. Buildings of $800,000 and equipment of $22,000 were purchased using cash 3. Monthly payments during the year reduced notes payable by $6,117. 4. Issued common stock for $1,000,000. 5. Purchased 10,000 shares of treasury stock for $15 per share. 6. Sold 4,000 shares of treasury stock at $16 per share. 7. Declared and paid a cash dividend of $11,400. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (L decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities
