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: $164,270 Expenses: Cost of goods sold $38,500 Operating expenses 51,400 Depreciation expense 17.250 Interest expense 6,785 Income tax expense 14,500 Total expenses 128,435 Net income $ 35,855 GREAT ADVENTURES, INC Balance Sheets December 31, 2022 and 2021 Increase (1) or Decrease (0) 2022 2021 Assets Current assets: $ 64,500 $ 180,568 47.60e $116, 068 (1) 47.6ee I Accounts receivable $ 64,500 e $ 180,568 47,600 7,000 900 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long term assets: Land Buildings Equipment Accumulated depreciation Total assets $116,068 (I) 47,600 (1) 7,eee (I) 3,680 (D) 4,500 500, eee , 62, (25,250) $1,572,818 a a 40,000 (8,eee) $101,080 5ee, eee (I) see, eee (1) 22, eee (I) 17,258 (I) $ $ 18 , (I) 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 20,800 750 14,5ee 21, 523,883 $ 2,800 750 14,000 e 30,000 588 (I) 21,888 (I) 493,883 (1) 180,eee (1) 984, eee (1) 24,435 (1) (90,000) (1) 20,000 120,000 984,000 57,885 (90,000) $1,572,818 33,450 e $191,00e Additional Information for 2022: 1. Land of $500,000 was obtained by issuing a note payable to the seller. 2. Buildings of $800,000 and equipment of $22,000 were purchased using cash, 3. Monthly payments during the year reduced notes payable by $6,117 4. Issued common stock for $1,000,000 5. Purchased 10,000 shares of treasury stock for $15 per share. 6. Sold 4,000 shares of treasury stock at $16 per share. 7. Declared and paid a cash dividend of $11,400 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 Not income S 35 835 GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net income $ 35,835 Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities $ 35,835 Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities 0 Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities 0 35,835 64,500 100,335 $
