All of this is the same question its just long so i had to take the screenshot in parts.
Some I got right and others I got wrong. I cant see where I went wrong or if im missing anything. plz help. thanks
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $174,820 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $39,000 Operating expenses 57,500 Depreciation expense 18,000 Interest expense 8,032 Income tax expense 15,000 Total expenses Net income 137,532 $ 37,288 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ Assets Current assetst Cash Accounts receivable Inventory Other current assets Long-term assets Land Buildings Equipment Accumulated depreciation Total assets 218,748 48,500 8,000 1,000 $ 61,200 0 D 4,900 $ 157,548 (I) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (I) 830,000 (1) 27,300 (1) 18,000 (1) 600,000 830,000 72,300 (26,250) $1,752,298 0 0 45,000 (3.250) $106,250 $ $ 22,200 (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 25,200 800 15,000 24,000 623, 660 $3,000 800 14,100 0 31,000 900 (I) 24,000 (I) 592,660 (I) 20,000 130,000 995,000 58,638 (120,000) $1,752,298 33,950 D $106,250 110,000 (1) 995,000 (I) 24,688 (1) (120,000) (1) Adelantan DA Additional Information for 2022: 1. Land of $600,000 was obtained by issuing a note payable to the seller. 2. Buildings of $830,000 and equipment of $27,300 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,340. 4/Issued common stock for $1,100,000. 5. Purchased 11,000 shares of treasury stock for $20 per share. 6. Sold 5,000 shares of treasury stock at $21 per share. 7. Declared and paid a cash dividend of $12,600. 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.) Answer is not complete. GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net income 52,288 X Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense 18,000 Increase in accounts receivable (48,500) Increase in inventory (8,000) Increase in accounts payable 22 200 Increase in income tax payable 14,100% Increase in other current liabilities 24,000 Decrease in other current assets 3,900 SSSSSS $ 77,988 Net cash flow from operating activities Cash Flows from Investing Activities Purchase of buildings Purchase of equipment So (830,000) (27,300) (857,300) Net cash low from investing activities Cash Flows from Financing Activities Payment of dividends Repayment of notes payable Issued common stock Purchased treasury stock Sale of treasury stock SOOS (12.600) 17,340) 1.100,000 1220,000) 105.000 Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash of the end of the period Note: Noncash Activities 955,000 185,748 61.2000 $ 246.963 Next
