The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $176,930 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $39, 100 Operating expenses 58,720 Depreciation expense 18,150 Interest expense 8,281 Income tax expense 15,100 Total expenses Net income 139,351 $ 37,579 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 $ 226,384 48,680 8, 200 1,020 $ 60,540 0 0 4,980 $ 165, 844 48,680 8,200 3,960 (I) (1) (I (D) Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 620,000 836,000 74,360 (26,450) $1,788,194 46,000 (8,300) $107, 300 620,000 (I) 836,000 (1) 28,360 (I) 18,150 (I) GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 $ 60,540 0 (I) $ 226,384 48,680 8,200 1,020 $ 165, 844 48,680 8,200 3,960 4,980 (D) Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets EEEE EEE! 620,000 836,000 74,360 (26,450) $1,788,194 0 46,000 (8,300) $107,300 620,000 (1) 836,000 (1) 28,360 (I) 18,150 (I) $ 23,040 (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 26,080 810 15, 100 24,600 643,615 $ 3,040 810 14,120 0 31,200 980 (I) 24,600 (I) 612,415 (1) 20,000 132,000 1,013,200 58,789 (126,000) $1,788,194 34,050 A 112,000 (1) 1,013,200 (I) 24,739 (I) (126,000) (1) $107,300 Additional Information for 2022: 1. Land of $620,000 was obtained by issuing a note payable to the seller. 2. Buildings of $836,000 and equipment of $28,360 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,585. 4. Issued common stock for $1,120,000. 5. Purchased 11,200 shares of treasury stock for $21 per share. 6. Sold 5,200 shares of treasury stock at $22 per share. 7. Declared and paid a cash dividend of $12,840. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the ind decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows 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: $ 0 Net cash flow from operating activities Cash Flows from Investing Activities 0 Net cash flow from investing activities Cash Flows from Financina Activities $ 0 Net cash flow from operating activities Cash Flows from Investing Activities 0 Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from financing activities 0 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0
