Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Balance Sheets December 31,2022 and 2021 Increase
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Balance Sheets December 31,2022 and 2021 Increase (I) or 2022 (D) Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumalated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Intereat payable Income tax payable Stockholders: equity Common stock Paid-in eapital. Retained earnings Additional Information for 2022: 1. Land of $860,000 was obtained by issuing a note payable to the seller. 2. Buildings of $908,000 and equipment of $41,080 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $10,522. 4. Issued common stock for $1,360,000. 5. Purchased 13,600 shares of treasury stock for $33 per share. 6. Sold 7,600 shares of treasury stock at $34 per share. 7. Declared and paid a cash dividend of $15,720. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indlrect method, (List cash outflows and any decrease in cash as negative amounts.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started