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S Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: $204,360 Expenses: $40,400 74,580 20,100 Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 11,523 16,400 163,003 $ 41,357 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 Assets Current assets: Cash $ 325,650 $ 51,960 Accounts receivable 51,020 0 $ 273,690 (I) 51,020 (1) 10,800 (1) 4,740 (D) Inventory 10,800 0 Other current assets 1,280 6,020 Long-term assets: Land 880,000 0 880,000 (1) Buildings 914,000 0 914,000 (1) Equipment 101, 140 59,000 42,140 (1) Accumulated depreciation (29,050) (8,950) 20,100 (1) Total assets $2,254,840 $120,950 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 37,520 $ 3,560 $ 33,960 (1) Interest payable 940 940 Income tax payable 16,400 14,380 2,020 (1) Other current liabilities 32,400 0 32,400 (1) 903,033 33,800 Notes payable (current and long-term) Stockholders' equity: 869,233 (1) Common stock 158,000 Paid-in capital 20,000 0 Retained earnings 1,249,800 60,747 (204,000) 138,000 (1) 1,249,800 (1) 25,397 (1) (204,000) (1) 35,350 Treasury stock 0 Total liabilities and stockholders' equity $2,254,840 $120,950 Additional Information for 2022: Additional Information for 2022: 1. Land of $880,000 was obtained by issuing a note payable to the seller. 2. Buildings of $914,000 and equipment of $42,140 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $10,767. 4. Issued common stock for $1,380,000. 5. Purchased 13,800 shares of treasury stock for $34 per share. 6. Sold 7,800 shares of treasury stock at $35 per share. 7. Declared and paid a cash dividend of $15,960. Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any 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 Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities