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. (List cash outflows and any decrease in cash as negative amounts.)

The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $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 51,400 Depreciation expense 17,250 Interest expense 6,785 Income tax expense 14,500 Total expenses Net income 128,435 $ 35,835 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 64,500 $116,068 (I) 180,568 47,600 7,000 900 7,000 3,600 (1) (D) 4,500 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 500,000 800,000 62,000 (25,250) $1,572,818 40,000 (8,000) $ 101,000 500,000 800,000 22,000 17,250 (1) (1) (I) (1) Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 20,800 $ $ 18,000 (I) 750 2,800 750 14,000 14,500 21,000 523,883 500 (I) 21,000 (1) 493,883 (I) 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 30,000 20,000 120,000 904,000 57,885 (90,000) $1,572,818 33,450 100,000 (1) 904,000 (1) 24,435 (I) (90,000) (I) $ 101,000 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