accounting cycle problem

Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $200,140 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues Expenses Cost of goods sold $40,200 Operating expenses 72,140 Depreciation expense 19,800 Interest expense 11,024 Income tax expense 16, 200 Total expenses Net income 159,364 $ 40,776 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 310,378 $ 53,280 $ 257,098 (1) 50,660 0 50,660 (I) 10,400 0 10,400 (I) 1,240 5,860 4,620 (D) 840,000 0 840,000 (I) 902,000 0 902,000 (I) 97,020 57,000 40,020 (1) (28,650) (8,850) 19,800 (1) $2,183,048 $118,850 $ 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 $ 35,760 920 16,200 31,200 863, 122 3,480 920 14,340 0 33,400 $ 32,280 (1) 1,860 (1) 31,200 (I) 829,722 (1) 134,000 (1) 1,213,400 (I) 25, 296 (1) (192,000) (I) 154,000 1,213,400 60,446 (192,000) $2,183,048 20,000 0 35,150 0 $118,850 Additional Information for 2022: 1. Land of $840,000 was obtained by issuing a note payable to the seller. 2. Buildings of $902,000 and equipment of $40,020 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $10,278. 4. Issued common stock for $1,340,000. 5. Purchased 13,400 shares of treasury stock for $32 per share. 6. Sold 7,400 shares of treasury stock at $33 per share. 7. Declared and paid a cash dividend of $15,480. Saved Accounting Cycle 3 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 -unting Cycle 3 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