Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Thank you The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $172,710 GREAT ADVENTURES, INC. Income Statement For the
Thank you
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $172,710 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $38,900 Operating expenses 56,280 Depreciation expense 17,850 Interest expense 7,782 Income tax expense 14.900 Total expenses Net Income 135,712 $ 36,998 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (0) 2022 2021 $ 61,860 $ 211,112 48,320 7,800 980 $ 149, 252 (I) 48,320 (1) 7,889 (I) 3,840 (D) 4,820 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 580,000 824,000 70,240 (26,050) $1,716,402 e 44,000 (8,200) $105,200 580,000 (1) 824,000 (I) 26, 240 (1) 17,850 (1) $ $ 21,360 (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 24,320 790 14,900 23,400 603, 704 $ 2,960 790 14,080 30,800 20,000 128,000 976,800 58,488 (114,000) 51,716,402 820 (1) 23,480 (1) 572,994 (1) 108,000 (1) 976,800 (1) 24,638 (1) (114,000) (1) 33,850 @ $105,200 Additional Information for 2022: 1. Land of $580,000 was obtained by issuing a note payable to the seller. 2. Buildings of $824,000 and equipment of $26,240 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,096. 4. Issued common stock for $1,080.000 5. Purchased 10,800 shares of treasury stock for $19 per share. 6. Sold 4,800 shares of treasury stock at $20 per share. 7. Declared and paid a cash dividend of $12,360. 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 os 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 frows from operating activities: Netcash flow from operating actes Cash Flows from investing Activities 5 Cash Flows from Investing Activities 0 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 $ 0
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a0f111577b5_50466a0f110ebe6c.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a0f111e913b_50566a0f1118a236.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a0f112802e5_50666a0f1122585f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a0f113252ed_50666a0f112b91b4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a0f113c2e03_50766a0f11365b67.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started