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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

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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: $189, 590 Expenses: Cost of goods sold $39, 700 Operating expenses 66,040 Depreciation expense 19, 050 Interest expense 9,777 Income tax expense 15,700 Total expenses 150, 267 Net income $ 39,323 des GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (1) or Decrease (0) 2022 2021 Assets Current assets: Cash Accounts receivable $ 56, 580 $ 272, 198 49,760 $ 215,618 (I) 49,760 (1) 0 0 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 Increase (I) or Decrease (D) 2021 $ 56,58 272,198 49, 760 9,400 1,148 5, 460 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets $ 215,618 (I) 49, 760 (1) 9,400 (1) 4,320 (D) 740,000 (1) 872,800 (I) 34,720 (1) 19, 050 (1) 740,000 872,000 86, 720 (27,650) $2,003,568 52,000 (8,600) $113,600 $ 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 31, 368 870 15,700 28, 200 763, 345 $ 3,2801 $ 870 14,248 32,400 20,000 28,080 (I) 1,460 (1) 28, 200 (1) 730,945 (1) 124,000 (1) 144,000 20,000 Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 144,000 1, 122,400 59,693 (162, 000) $2,003,568 34,650 124,000 (1) 1, 122,409 (1) 25,643 (1) (162, 000) (1) $113,600 Additional Information for 2022: 1. Land of $740,000 was obtained by issuing a note payable to the seller. 2. Buildings of $872,000 and equipment of $34.720 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $9,055. 4. Issued common stock for $1,240,000. 5. Purchased 12,400 shares of treasury stock for $27 per share. 6. Sold 6,400 shares of treasury stock at $28 per share. 7. Declared and paid a cash dividend of $14,280. 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.) 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: 7 Net cash flow 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 Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities

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